Paper Money (July/August 2004)

issue

Official Journal of the
Society of Paper Money Collectors

VoL. XLlll, No. 4

Whole No. 232

WWW.SPMC.ORG

Another 32 Bonus^
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ss>' New membership
brochures enclosed
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JaLY/AuGCiST 2004

I PONFTAUSENO

SPMC PRESIDENT RON HORSTMAN
CHALLENGES MEMBERSHIP
SEE PAGE 31 4

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Autographs; Manuscripts; Photographs;
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Diana Herzog President, R.M. Smythe & G>., Inc.

BA, University of London: MA, New York University —
instimte of Fine Arts. Former Secretary, Bond and Share
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U.S. Federal & National Currency;
U.S. Fractional Currency; Small Size
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Martin GENGERKE Author of U.S. Paper A/on <7
Retards and American Numismatic Attetiom as well as numerous
articles in Paper Money Magazine, the Essay Proof JoumaL Bank Note Reporter
and Financiai History. Winner of the only award bestowed by the Numismatic
Literary Guild for excellence in catalojdn^ and the 1999 President's Medal
from the American Numismatic Associarion. Member ANA, SPMC.

Small Size U.S. Currency; Canadian
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Scott Lindquist BA, Minot State University,

Business Administration/Management. Gmtributor to the
Standard Guide to Small Size U.S Paper Money & U.S Paper
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ofThe Coin Cellar for 16 years. Life Member ANA, CSNS. Member. PCDA,
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. 1 ^

U.S. and World Coitts.

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The Society of U.S. Pattern Collectors, a maior contributor
to the 8th Edition of the judd book, a former PCGS grader, and a co-founder
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FUN, ICTA. and USMcxNA.

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to Paper Money of the United States, Collecting U.S. Obsolete
Currency Financial History and Smart Money. Editor, An
Illustrated Catalogue of Early North American Advertising Notes; Past President
and Board Member, Pmfessional Currency Dealers Association. Member
PCDA, ANA, SPMC IBSS, New England Appraisers Association.

U.S. Coins and Medals.

Jay Erlichman Contributor to A Guide Book of
U.S Coim and A Guide Book of British Coins. Assembled and
managed investment portfolios of U.S. coins. Employed by the
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Ancient Coins and Medals.

Thomas Tesoriero Proflesional Numismatist

for 38 years in New York. Ancient Greek and Roman coins,
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PAPER MONEY • July/August 2004 • Whole No. 232

241

I

I

I

Paper Money
Eiiay Contest

Topic:

“My Most Memorable Mensch ”

On the heels of leist year’s successful M4 e$$ay contest, Paper Money is at it again! Tell
us in 500 words or less what your most memorable paper money personality is/was and
why. The topic is “My Most Memorable Mensch”; for those of you unfamiliar with the

I

I

I

I term, “mensch” means extraordinary person, so tell us who influenced your hobby, men- ■
tored you, or helped you build your collection in an interesting way. A reproducible Ulus- |
tration of the person or of an item you associate with that person must accompany each
I entry. The winner will receive a prize valued at $100 and be published in a future issue of the magazine. Runners-up will also be |
published in a future Paper Money issue and receive a special, limited edition printing from an original 1815 bank note plate

( engraved by master artist Peter Maverick. All paid up SPMC members are eligible except ye olde Editor. You may enter as many ■
times as you wish, but ALL entries must be received by August 15, 2004. Mail to 5030 North May Ave # 254 Oklahoma City, OK |
73112. Entries become property of SPMC and none will be returned. •>

SPMC names “Best of Show” award after Steve Taylor

HE FOLLOWTNG RESOLITION W.4S UN.ANIMOUSLY .\DOPTED
at the SPMC Board Meeting November 21, 2003. .Mr. Taylor was bom Sept.
29, 1925, and died July 1, 2001, The SPMC award is presented annually for the
best exhibit at the .Memphis International Paper Money Show on any paper money
related subject. The award was instituted by the Board at its June 1979 meeting.
First winner was Dr. Glenn Jackson at the 1980 Memphis show,
it is fitting that on the 25th anniversary of the award’s origina-
tion, it carry the name of the distinguished late member of the
Society, Stephen R. Taylor, who was so intimately associated
with e.\hibiting of paper money' for more than two decades:

W e believe that memorializing individuals and
their contributions on Society' awards has sev-
eral positive benefits:

(1) it honors the individual memorialized in per-
petuity;

(2) it reflects (respects) his/her achievements
which have benefitted us all greatly;

(3) but reflection is a rw'o-way street, it also
brings credit to the organization based on the stature
of the individual memorialized.

Individuals such as Stephen R. Taylor sers'ed
SPMC (and many other organizations) in an e.xem-
plary' manner as an officer, speaker, exhibitor, and
good will ambassador, reflecting great credit not only
on his individual efforts but on SP.MC and its activities
too. Out of his many contributions to the Society and the hobby, his
e.xhibiting zeal, skills, and successes associate him most intimately
with paper money exhibiting, and thus .Mr. Taylor (deceased) is an
extremely well qualified candidate to be memorialized by the SP.MC
Best of Show E.xhibit .Award.

AATTEREAS: Stephen R. Taylor (deceased) was SP.MC mem-
ber # 3258;

.AND WTIEREAS: Stephen R. Tavlor served 20 vears on the
SP.MC Board;

.AND VVTTEREAS: Stephen R. Taylor also serv ed the Society'
as Publications Chairman and Regional Coordinator;

.AND AATIEREAS: Stephen R. Taylor also served AN.A as

President, Board .Member, and 33 other regional, state, and local
numismatic organizations in various positions;

.'AIVD VATIEREAS: Stephen R. Taylor was a leading advocate
of sharing one's collection and hobby knowlege through speeches
and e.xhibiting,

-AND WHEREAS: Stephen R. Taylor put this philosophy'
into practice for many years taking his currency displays around the
country at his own expense, and winning
exhibit aw'ards with these paper money dis-
plays at innumerable shows up and down the
East Coast and elsewhere, including Del-.Mar,
Va., Delaware County, DE, Mary'land State
Numismatic .Assoc., Memphis International
Paper .Money Show, and West Chester
County, PA shows;

AND WHEREAS: Stephen R. Taylor's
notable exhibitions of choice and rare paper
money, enabled him to be the first U.S. paper
money e.xhibitor EVER to win the coveted
ANA "Best of Show" Exhibit Award at
Houston in 1978;

-AND WHEREAS: today (August 25,
2003) is the 25th anniversary' of the opening of
the 1978 .ANA convention at which .Mr.
Taylor's paper monev displav won the AN.A's
HOWTAND WOOD .MEMORIAL BEST
OF SHOW EXHIBIT AWARD;

AIVD WHEREAS: Stephen R. Taylor was the first EVER to
Mn back-to-back .AN.A "Best of Show" exhibit awards for his U.S.
paper money when he also won at St. Louis in 1979 for a complete-
ly different paper monev exhibit;

BE IT RESOIAED THAT HENCEFORTH the SP.MC
"Best of Show" exhibit award at Memphis be known as the "SP.MC-
Stephen R. Tay'lor Memorial Best of Show" Exhibit .Award;

AND THAT a suitable emblem of recognition be developed
by the SP.MC .Awards Committee in time that it may be bestowed
commencing at the 2004 .Memphis Show;

.AND TH.AT funds not otherwise encumbered be available at
the discretion of the SP.MC Awards Committee to purchase said
award for presentation at .Memphis next and succeeding years. ❖

242

luly/August 2004 • Whole No. 232 • PAPER MONEY

National and World Paper
Money Convention

Thursday-Sunday, November 18-21, 2004

(Free Admission Thursday - Sunday)

St. Louis Hilton AiqDort Hotel, 10330 Natural Bridge Road. St. Louis, MO 63134
Rooms; $99 Call (3 14) 426-5500

• 75 Booth All Paper Money
Bourse Area

• Major Paper Money Auction

• Society Meetings

• Educational Programs

• Complimentary Airport Shuttle

Bourse Applications:

Kevin Foley
P.O. Box 573

Milwaukee, WI 53201-0573

414-421-3498

E-mail: kfoley2@wi.rr.com

Show Hours:

Wednesday, November 17 2PM-6PM

(Professional Preview — $50 Registration Fee)

Thursday, November 1 8 Noon-6PM
Friday, November 1910AM-6PM
Saturday, November 20 10AM-6PM
Sunday, November 21 10AM- 1PM

Future Dates:

2005

November 17-20

2006

November 16-19

PAPER MONEY • )uly/August 2004 • Whole No. 232

243

TERMS AND CONDITIONS
PAPER MONEY is published ever>' other month
beginning in January by the Society of Paper
Money Collectors (SPMC). Second<Iass postage
Is paid at Dover, DE 19901. Postmaster send
address changes to Secretary Robert Schreiner,
P.O. Box 2331, Chapel Hill. NC 27515-2331

C Society of Paper Money Collectors, Inc., 2004.
All rights reserved. Reproduction of any article. In
whole or in part, without express written permis-
sion. is prohibited.

Individual copies of this issue of PAPER MONEY
are available from the Secretary for $6 postpaid.
Send changes of address. Inquiries concerning
non-delivery, and requests for additional copies
of this issue to the Secretary.

MANUSCRIPTS

Manuscripts not under consideration elsewhere
and publications for review should be sent to the
Editor. Accepted manuscripts will be published as
soon as possible; however, publication in a spe-
cific issue cannot be guaranteed. Include an SASE
lor acknowledgment, if desired. Opinions
expressed by authors do not necessarily reflect
those of the SPMC.

Manuscripts should be typed (one side of paper
only), double-spaced with at least 1-inch margins.
The author's name, address and telephone num-
ber should appear on the first page. Authors
should retain a copy for their records. Authors arc
encouraged to submit a copy on a 3 1/2 -inch
MAC disk, identified with the name and version
of software used. A double-spaced printout must
accompany the disk. Authors may also transmit
articles via e-mail to the Editor at the SPMC web
site (fred9spmc.org). Original illustrations are
preferred. Scans should be grayscale at 300 dpi.
jpegs are preferred. Inquire about other formats.

ADVERTISING

• All advertising copy and correspondence

should be sent to the Editor
• All advertising is payable in advance

• Ads are accepted on a "Good Faith" basis

• Terms are "Until Forbid"

• Ads are Run of Press (ROP)

• Limited Premium Space Available
To keep rates at a minimum, all advertising must
be prepaid according to the schedule below. In
exceptional cases where special artwork or addi-
tional production is required, the advertiser will
be notified and billed accordingly. Rates are not
commissionabie; proofs are not supplied.

Advertising Deadline: Copy must be received by
the Editor no later than the first day of the month
preceding the cover date of the issue (for exam-
ple. Feb. 1 for the March/April issue). With
advance approval, camera-ready copy, or elec-
tronic ads in Quark Express on a MAC zip disk or
CD with fonts supplied, may be accepted up to
10 days later.

ADVERTISING RATES

Space

1 time

3 times

6 times

Outside back cover

$500

$1350

$2500

Inside cover

400

1100

2000

Full page

360

1000

1800

Half page

180

500

900

Quarter page

90

250

450

Eighth page

45

125

225

Requirements: Full

page, 42

X 57 picas;

half-page

may be either vertical or horizontal in formal.

Single-column width. 20 picas. Except covers,
page position may be requested, but not guaran-
teed. All screens should be 1 50 line or 300 dpi.

Advertising copy shall be restricted to paper cur-
rency, allied numismatic material, publications,
and related accessories. The SPMC does not guar-
antee advertisements, but accepts copy in good
faith, reserving the right to reject objectionable
material or edit copy.

SPMC assumes no hnancial responsibility for
typographical errors in ads, but agrees to reprint
that portion of an ad in which a typographical
error occurs upon prompt notification. *5*

Paper Money

Official Bimonthly Publication of
The Society of Paper Money Collectors, Inc.

Vol. XLIIl, No. 4 Whole No. 232 JULY/AUCUST 2004
ISSN 0031-1162

FRED L. REED 111, Editor, P.O. Box 793941, Dallas, TX 75379
Visit the SPMC web site: www.spmc.org

In This Issue

Features

Some History and Comments on the Merchants and Planters Bank . . .245

By Gary Hacker

Saratoga's Banks of Scoundrels 255

By Tom Minerley

A Memorial Tribute to "Mozart of Money": Tim Prusmack 265

By John and Nancy Wilson

A Hat Trick of Title Layouts 279

By Robert Moon

On This Date in Paper Money History 285, 287

By Fred Reed

Interest Bearing Notes: Getting Rid of Paper Money 286

By Dave Bowers

Waterman Lily Ormsby, Idealist 288

By Q. David Bowers

About Texas Mostly: A Denton County NB Photo 297

By Frank Clark

Wanted! Dry Buffalo Bones 298

By Ronald Horstman

Elizabeth Lucas, National Bank President 304

By Karl Sanford Kabelac

The Paper Column: Department of Redundant Duplication 308

By Peter Hunloon

The Buck Starts Here: More Musicians on Bank Notes 312

By Gene Messier

Notes from Up North: Mini-collection 313

By Harold Don Allen

Society News

Confederate Treasury Correspondence on New CD 264

Sheheen Catalogs South Carolina Obsolete Notes and Scrip 264

Friedbergs Release 17th Edition of Paper Money of US 281

Minutes [of] SPMC, Nov. 21, 2003 282

junior Member Sets High Collecting Goals 310

President's Column 314

By Ron Horstman

North Carolinians Hear About SPMC 316

By Paul Horner

Death Claims Author 319

244

July/August 2004 • Whole No. 232 • PAPER MONEY

Society of Paper Money Collectors

The Society of Paper Money
Collectors (SPMC) was orga-
nized in 1961 and incorporated
in 1964 as a non-profit organiza-
tion under the laws of the
District of Columbia. It is affiliat-
ed with the American Numismatic Association. The annual SPMC
meeting is held in )une at the Memphis IPMS (International Paper
Money Show). Up-to-date information about the SPMC and its
activities can be found on its Internet web site www.spmc.org.

MEMBERSHIP — REGULAR and LIFE. Applicants must be at least 18
years of age and of good moral character. Members of the ANA or
other recognized numismatic societies are eligible for member-
ship; other applicants should be sponsored by an SPMC member
or provide suitable references.

MEMBERSHIP — JUNIOR. Applicants for Junior membership must be
from 1 2 to 1 8 years of age and of good moral character. Their
application must be signed by a parent or guardian. Junior mem-

SOC:iETY

OF

PAPER MONEY
COLLECTORS
INC.

bership numbers will be preceded by the letter "j," which will be
removed upon notification to the Secretary that the member has
reached 1 8 years of age. Junior members are not eligible to hold
office or vote.

DUES — Annual dues are $30. Members in Canada and Mexico
should add $5 to cover postage; members throughout the rest of
the world add $10. Life membership — payable in installments
within one year is $600, $700 for Canada and Mexico, and $800
elsewhere. The Society has dispensed with issuing annual mem-
bership cards, but paid up members may obtain one from the
Secretary for an SASE (self-addressed, stamped envelope).

Members who join the Society prior to October 1 receive the
magazines already issued in the year in which they join as avail-
able. Members who join after October 1 will have their dues paid
through December of the following year; they also receive, as a
bonus, a copy of the magazine issued in November of the year in
which they joined. Dues renewals appear in the Sept/Oct Paper
Money. Checks should be sent to the Society Secretary. •>

Officers

ELECTED OFFICERS:

PRESIDENT Ron Horstman, 5010 Timber Ln., Gerald, MO 63037
VICE-PRESIDENT Benny Bolin, 5510 Bolin Rd., Allen, TX 75002
SECRETARY Robert Schreiner, P.O. Box 2331, Chapel Hill, NC
27515-2331

TREASURER Mark Anderson, 335 Court St., Suite 149, Brooklyn,
NY 11231

BOARD OF GOVERNORS:

Mark Anderson, 335 Court St., Suite 149, Brooklyn, NY 1 1231
Benny J. Bolin, 5510 Bolin Rd., Allen, TX 75002
Bob Cochran, P.O. Box 1085, Florissant, MO 63031
Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231
Ronald L. Horstman, 5010 Timber Ln., Gerald, MO 63037
Arri "AJ" Jacob, P.O. Box 1649, Minden, NV 89423-1649
Tom Minerley, 3457 Galway Rd., Ballston Spa, NY 12020
Judith Murphy, P.O. Box 24056, Winston-Salem, NC 271 14
Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941
Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515
Steven K. Whitfield, 879 Stillwater Ct., Weston, FL 33327
Wendell Wolka, P.O. Box 121 1, Greenwood, IN 46142

APPOINTEES:

PUBLISHER-EDITOR Fred L. Reed III, P.O. Box 793941,
Dallas, TX 75379-3941

CONTRIBUTING EDITOR Gene Hessler, P.O. Box 31144,
Cincinnati, OH 45231

ADVERTISING MANAGER Wendell A. Wolka, P.O. Box
1211, Greenwood, IN 46142

LEGAL COUNSEL Robert |. Galiette, 3 Teal Ln., Essex,

CT 06426

LIBRARIAN Robert Schreiner, P.O. Box 2331, Chapel Hill,
NC 27515-2331

MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060,
Carrollton, TX 75011-7060

PAST PRESIDENT Frank Clark, P.O. Box 1 1 7060,
Carrollton, TX 75011-7060

1929 NATIONALS PROJECT COORDINATOR Arri "AJ"
Jacob, P.O. Box 1 649, Minden, NV 89423-1 649

WISMER BOOK PROJECT COORDINATOR Steven K.
Whitfield, 879 Stillwater Ct., Weston, FL 33327

BUYING AND SELLING

CSA and Obsolete Notes
CSA Bonds, Stocks &

60-Page Catalog for $5.00
Refundable with Order

ANA-LM

SCNA

PCDA CHARTER MBR

HUGH SHULL

P.O. Box 761, Camden, SC 29020 (803) 432-8500
FAX (803) 432-9958

SPMC LM 6
BRNA
FUN

PAPER MONEY • ]uly/August 2004 • Whole No. 232

245

Some Historu and Comments on the

Merchants and Planters
Bank of Savannah, Georgia

By Gary Hacker

T he charter for the mercrants & pl.anters

Bank of Savannah, GA was approved by the Georgia State
Legislature on February 13, 1854. This was the official beginning
of the bank. The charter provided for the hank to operate with a
capital of wo million dollars. Branch banks to be located in other cities in the
state were authorized by the charter, as well as the bank’s “power to issue Bills,
Bonds, or Notes for circulation, and to discount notes and Bills of Exchange.”

The new bank entered an area rich vv'ith other similar institutions. In an
1 849 issue of Hunts' Merchants' Magazine and Contmercial Revieu’, Savannah was
reported to already have fi%'e banking institutions. These were the Bank of the
State of Georgia, Planters’ Bank, Marine and Fire Insurance Bank, Central of
Georgia Railroad and Banking Company, and Savannah Institute for Savings.
Savannah was developing into a large financial center in the South. .Many new
banks were established in Savannah and the state of
Georgia during the 1850s. Most of the new banks
grew strong; however, others failed during the
money crisis of these years. Of the Savannah
banks, it was said that they operated with “adequate
capital for local needs, and with splendid standing
in financial circles elsewhere. It may be no e.xag-
geration to say that no banks in [the] South were
regarded with more confidence.”

The new Merchants & Planters charter also
stated that if the bank was not organized and in
operation within wo years after its approval date
the charter for this new bank would be void. Thus,

February 13, 1856, was the latest date for the open-
ing of the bank. The December 22, 1855, issue of
the Savannah Daily Moi-ning News states that the
.Merchants & Planters Bank “will be in operation
by the first day of February' next [February 1,

1856].” However, it was several days after the first
day of February before the bank started transacting
business. The February 7th issue of the Daily
Moniing News announced that the Merchants and
Planters Bank was open for business.

Conflicting reports of the .Merchants &

Planters Bank’s first location are found in the ini-
tial notices of its opening. Nevertheless, these
reports do place its location centrally in the busi-

The Merchants & Planters Bank
building at 10 East Bryan Street
Savannah, GA as it was in 1966.

in

246

luly/August 2004 • Whole No. 232 • PAPER MONEY

ness district <jf Savnnnah. The January 3rd and the Fehnian,' 7th issues of the
Dnily Morning Ncivs rejtort tliat the Itank opened for business in the offices of
the Savannah Institute for Savings in the Gibbons Building, which was located
on the corner of West Broad and Bay Streets. The February 7th paper says the
bank will do business at this location “until the completion of their own new
Banking House.” However, the Fehniarv' 6th paper places the bank opening at

another location. This issue states that the
■ new bank will be “in the building next East

of Hawood’s Saloon in Br\’an Street.”

The 1860 Savannah city directory
locates the .Merchants & Planters Bank on
“Bryan [Street] opp[osite] Johnson
Sq[uarej.” This was the location of the new
hank building to be constructed as men-
tioned in the February 7, 1856, issue of the
Dnily Moniing Neu’s.

All information indicates that the
building standing at 10 East Brt'an Street in
1966 was the same building mentioned in
this February 7th newspaper article and in
the 1860 cit\- director)'. This building in
1965 was purchased and renovated by the
Savannah Bank and Trust Company of
Savannah, and they used it as a part of their
hanking facilities. .An article appearing in
the June 4, 1966, issue of the Snvannnh
Morning News states that the building at 10
East Brt'an which was recently opened as
part of the Savannah Bank and Trust
Company was the home of the .Merchants
& Planters Bank. This article further states
that a director of the Merchants & Planters
Bank bought the building when the
Merchants & Planters Bank closed. And
until this building was recently (1965) pur-
chased bv the Savannah Bank and Trust

|;TS^PU«T£j|j

24«fl

t // jwn

1 AMooiatioii.

f.

DoUcn

. Ay, f*-'*

Savings & Loan Association.

/jfhif f

/(U inurvM. pito DoIIats

Lmmf jm mt4. ft

MB Am Ifmfti. m

Mechanics Savings & Loan Association notes
printed on the blank backs of remainder
(unused) pre-war (1860) sheets of Merchants
& Planters bank notes.

X£3:

Savings*

Savings & Loan Association.

PAPER MONEY • July/August 2004 • Whole No. 232

247

•^5

T WMM TT^in »» as!

* OS' osoz»o3ulk,f

;«i«„TOHmraBCEiiTs,T..-*

SAVAJII^^H. 1060 .

— ^ ^ Ut pUrcfeauU' & ^lantfis’
1

STATE OF OEOHOIA.

f,ii ftay Twentf^ dSjSl^
^0 iteMe% oM

^ ' OMhWf

lanuary 1st, 1862, fractional notes of
the Merchants and Planters Bank.

Company it had been owned by descendents of this same director of the
-Merchants & Planters Bank. In 1966 the author communicated with Mr. A. H.
Stoddard, a trust officer of the Savannah Bank and I'rust, and with Mr. C. D.
Ellis whose wife was a member of the Wylly family and a descendent of George
W*. Wylly who purchased the bank building in 1866. They confirmed that the
Wylly family owned the building up until the time that the Savannah Bank and
Trust purchased it.

Some of the banks in the State of Georgia which were in operation prior
to the Civil War had branch banks in one or more other cities and towns in
Georgia. .As an example, the Bank of the State of Georgia, while having its
main banking facility in Savannah, had branches in .several other cities. The
charter of the .Merchants & Planters Bank also stated that it had “the power to
establish Branches or offices of Discount and Deposit in such cities or towns in
this State as a majority of the Directors may detcnnine upon: Provided, the
citizens of said city or town through tlieir legal representatives do not object.”

The Merchants & Planters Bank had at least one branch bank in another
city. In the December 18, 1858, issue of the Daily Monihig Nov is found a
statement of condition of the bank which contains this statement about its
branch bank: “Balance due at late branch at .Albany [Georgia] . . .” In the same
and other articles of the News, one can find mention of branch banks and agen-
cies of the Merchants & Planters Bank. However, no specific location as to city
or street is listed. Nevertheless, there are indications that there could have
been affiliated agencies in Americus, Fort V^alley, Griffin, St. Marys, Rome and
even in Florida at Orange Spring. This information has not been confirmed.

.Mr. Hiram Roberts, whose signature appears on the notes of the bank,
was the president of the .Merchants & Planters Bank from its beginning until its
end. For many years he was employed by the United States gov'ernment as
Collector of the Port, U. S. Customs, in Savannah. His retirement from this
position was announced in the .April 14, 185.3, issue of the Daily Moiiiing News.
He worked from then until about 1856 as secretary and treasurer of the
Savannah Institute for Savings. Roberts w'as instrumental in the founding of
the .Merchants & Planters Bank. During 1855 he worked as a member of the
committee which did the planning of the affairs for the new bank and sold
stock for it. At a meeting of the stockholders on February' 5, 1856, he was

July/August 2004 • Whole No. 232 • PAPER MONEY

of Coirfrdmlr.'ilRltn

ijlnOT uf thf* Tn

Above and opposite: During the Civil
War, the bank served as a depository
to support the Southern cause.

elected as one of the nine directors of the bank. The following day at a meet-
ing of the directors, he was elected president of die bank. From newspaper
articles about this bank which appeared from time to time from 1856 through
April of 1864 in the Daily Moniing News and the Savannah Republican and from
the currency of this hank, one can see that Mr. Roberts was the president of the
bank until the end of the year of 1864.

Mr. .Augustus Barrie, whose signature also appears on notes of the
Merchants & Planters Bank, was elected cashier of the bank on February 6,
1856. He, too, held his position until the bank closed.

The Merchants & Planters Bank released its own paper currency for cir-
culation several months after its opening for business. The earliest dated note
this writer has seen was one dated March 15, 1856. Their early notes are iden-
tified as being from Danforth, VVMght & Company of Philadelphia and New
York. Next, their notes were marked Bald, Cousland & Company of
Philadelphia and Baldwin, Bald & Cousland of New York. .And, later the
bank’s notes were from /Vmerican Bank Note Company. Basically, the same or
similar designs of printing plates were used by each of these companies. There
are variations in the plates in terms of the overprint, date line, etc. 'Fhe notes
were printed in sheets of 1-1-1-2, 3-5-5-10, and 10-20-50-100.

.And as were most banks of the time, the Merchants & Planters Bank was
bothered by counterfeiters. Tbe following article appeared in the November
12, 1856 issue of the Daily Moniing News:

IVe yesterday morning heard that coiinteifeit bills of the denomination of Ten
Dollars on the Maxhants’ ir Planters' Batik, wax in circulation. Two of them have
already beat detected, and there are doubtless many in circulation. In the aftenioon
we leaned that countafeits of the same denomination on the Central Railroad Bank
have been discovered. Both these are photographs of genuine Bills, with the word Ten
in red letters, .stamped on. We have not yet seen the Counterfeit on the Railroad
Bank, hut learn that it is similar to that on the Merchants' ir Planters', which is
printed on dark and inferior paper and has a gixasy and blniTed appearance. The red
ink used is of a darker hue than the genuine, and has a smell of turpentine, as if fresh-
ly executed. The signatures are badly done, and the general appearance of the hill is as
if the countetfeiters wetx pressed for time and were not able to make them peifect. It
is fortunate for the public that a slight examination will suffice to detect the?n.

By advertisements in another column it will be seen the Mr. Culver offers A
reward of $500, and Mr. Robetxs of SlOO for evidence to convict any petsons of issu-
ing these notes.

As the name of this bank so aptly implies, it was a bank for the merchants
and the planters of that city and .surrounding rural area. But, it also depended

PAPER MONEY • July/August 2004 • Whole No. 232

249

3 .
C '
3

«3 •
U

S.

/

(tonftilcralc ^tatw of ^Wfrira,

Merchants’ and Planters’ Bank, tjlUe,

^^avanna^, Q//aTc 4 ,

THIS WILL CERTIFY, That.

j’ has jxiiil in at litis office /i- .c^. .

o

b

^ : tt: . . :- T~ .. : . . Duhurs,

for irhlrli ttmmtnl Kcgisltrtd Bouds, of the Confctkrnte Stales of America, bearing iiiU rest from
this dote, at the rate offuvr per ceiti. per annum, will be issued to , under the act

, ojijirovfd Februarg\~t, \8tH,ttlsm the surrender of this Certificate al this office.

Depositary.

on its business with the common folks.

By the eve of the Civil War, the Merchants & Planters bank was well
established. George Smith in his book Story of Georgia and the Georgia People
1732- 1860 said the banks “had large circulation, large resources and the full
confidence of the people. Their branches e.xtended all through the state, and
they gave liberal accommodations. WTien specie was demanded for their bills it
was furnished.” By 1860 Savannah had nine banks.

Thus, when the Merchants & Planters Bank was established and began
operations the banking atmosphere was one of a city and state undergoing eco-
nomic growth while being plagued by a money crisis. The Merchants &
Planters Bank weathered the stormy periods and experienced growth as can be
seen in the following annual reports of its capital:

1856

$203,000.00

1857

470,000.00

1858

516,000.00

1859

Not available

1860

542,000.00

The $542,000.00 of 1860 w'as the largest reported capital that was found.
It appeared in the June 7, 1860 issue of the Daily Moniing News in a statement
of the condition of the bank. In 1860 the Merchants & Planters Bank was nei-
ther the largest nor the smallest bank, in terms of capital, in Savannah. The
following from the 1860 city' directory shows a comparison of this hank with
the others of Savannah.

Bank of the State of Georgia $ 1 ,500,000.00

.Marine Bank 1,000,000.00

Bank of Savannah 500,000.00

.Mechanics’ Sax-ings Bank 250,000.00

Timber Cutter’s Bank 200,000.00

Central Railroad and Banking Company 300,000.00
Planters’ Bank 535,000.00

Bank of Commerce 200,000.00

.Merchants’ & Planters’ Bank 520,000.00

The capital reported for the Merchants & Planters Bank in the city direc-
tory probably was from an earlier date than that reported in the June 7 issue of
the News, which may possibly account for the different figures. However, the
1860 city' directory figures do give a comparison of its size with the other
Savannah banks at that time.

250

luly/August 2004 • Whole No. 232 • PAPER MONEY

VVitJi the year 1861 came the War Beween the States. As many banks of
the Confederacy, the Merchants & Planters Bank e.xperienced a complexiu' of
problems brought on by the war. In the June 21, 1862 issue of the Daily
Moming News the statement of contlirion of the .Merchants & Planters Bank
showed the capital stock down to S53 1,000, a trend that undoubtedly contin-
ued until the end.

As early in the war as April 16, 1861, it was announced that the
Merchants & Planters Bank was among the banks of the South backing tbe
Confederate cau.se financially and “whose notes would be received at par for
the subscriptions to the loan for the Confederate States . . . .” .Also, shortly
after out-break of the war, coins became scarce in Savannah. Thus the

Notes of the Mechanics Savings and
Loan Association. The $5 note is
printed on the back of notes of the
Bank of St. Marys. Each is signed by
Hiram Roberts.

icassibXiri

^vings & Loan Ass

> ^ «««<*, fw riv9 DoUam *o« A**

'it % Jit mi.
gtl^,

.Merchants & Planters Bank like other banks of the city began issuing paper
currency in denominations of less than a dollar to fill the trading gap left by the
hoarding of coins. For the most part, this was satisfactory for carrying on
trade. But as a letter to the editor in the Daily Moming News on April 24, 1862
said, “various corporations in this cit)- have issued an ample supply of ‘shinplas-
ters’ for the convenience of the community'. It is impossible to send a servant
to market or elsewhere to make a purchase without having a quantity of these
dingy rags brought home. It is time for the community to find some expedient
to check this ‘money making business’.”

Due to the lack of coin and the growing shortage of paper for currency'
and the hindrance this had on the daily commerce, the Georgia state legislature
required the banks of tbe state to issue paper “change bills”. The .Merchants &
Planters Bank issued 5-, 10-, 15-, 20-, 2.5-, 50-, and 75-cent denomination
notes bearing dates of 1862 and 1863. These fractional notes were printed
with plain backs and also on the backs of financial paper from other institu-
tions. .Among the other institutions are the Bank of St. .Marys and the
Savannah, Albany and Gulf Railroad. Additionally, from these war years one
will find some Mechanics Savings and Loan Association notes printed on the
backs of notes of the Merchants & Planters Bank.

Sometime near the start of war the Merchants & Planters Bank acquired
the Columbus Mutual Savings and Loan. The name was changed to the
.Mechanics Savings and Loan Association. The new organization, the

PAPER MONEY • )uly/August 2004 • Whole No. 232

251

Mechanics Savings and Loan Association, began operations in February of
1861. The Mechanics Savings and Loan appears to have operated out of the
■Merchants & Planters Bank building in Savannah. By comparing the signed
Merchants & Planters notes to the notes of the Mechanics Savings and Loan
■Association one can see that Hiram Roberts signed many of the Savings and
Loan notes also^ -Additional information is available from other sources on tlie
history of the Mechanics Savings and Loan.

Inflation, too, heated up early in the war and continued as a major prob-
lem throughout the duration of the conflict. The Savammh Republican carried
announcements in March and April of 1 864 that the Merchants & Planters
Bank was funding notes in support of the Confederate government Act of
February 17, 1864, which authorized the printing and release of another almost
unlimited supply of Confederate notes.

The -Merchants & Planters Bank supported the cause until the end.
Sherman’s troops approached and took Savannah in December of 1864.
Sherman arrived in Sav'annah on the 25th. lie published an order concerning
the Union occupation of Savannah, in which regarding the cities’ trade it stated
that “Commerce with the outer world will be resumed to an extent commensu-

rate with the wants of the citizens, governed by the restrictions and rules of the Proof note of the Merchants &

[U. S.] Treasury Department.” The writer is of the opinion that this marked Planters Bank.

the beginning of the end for the Merchants & Planters Bank. No information

was found on the exact date that the bank did close its doors. However, if this

was not the exact end of the bank, its demise soon followed the war’s end in tlie

following months. .As Charles C. Jones, Jr. states in his 1890 book Histoiy of

Savannah, Ga., “all of the Savannah banks invested in Confederate bonds and

currency', and when the war ended all except the Central Railroad Bank were

obliged to suspend.”

.Although the Merchants & Planters Bank wound down at the end of the
war, it continued as an entity for sometime. The last meeting of the stockhold-
ers appears to have been on July 18, 1866. Tbe President of the Merchants &

Planters Bank, Hiram Roberts, was instructed at that meeting to close the bank
and finalize its affairs.

George W. VVVlly purchased the bank building on December 6, 1866.

For whatever reasons, it took a long period of time to finish the affairs of the
bank. Little is found in the Savannah newspapers between 1866 and 1882
regarding the bank or Mr. Roberts. The Savannah Moniing News of April 14,

1882, reports the last legal affairs related to ending the business of the bank.

This report occurred almost wo years after tbe death of Hiram Roberts and
more than 1 5 years after the close of the war.

The notes first released by the Merchants & Planters Bank in the spring

252

July/August 2004 • Whole No. 232 • PAPER MONEY

of 1856 seem to have been printed only with black ink. The first dated notes of
this bank found by this writer were dated March 15, 1856. This note, as all the
early notes of this bank, had handwritten dates. Those first dated notes were
one dollar and two dollar notes. Perhaps, in the rush to get them printed these
notes were printed in black ink without the red overprinting that is found on
other notes dated 1856. Danforth, Wright and Company of Philadelphia and
New York printed diese notes. By May 1856, the one and two dollar notes
have the red overprinting. .And the notes of denomination of three, five, ten,
twenty, fifty and one-hundred dollars are found with dates starting in May
1856 with the red overprinting. Handwritten dates are found for the years of
1856 and 1857; the writer has not found a note of this bank having a date of
1858. Handwritten dates and printed dates are found with the year of 1859.
Printed dates for 1859 and 1860 are common. No printed notes of one
through one-hundred dollar denominations of the Merchants & Planters Bank
have been seen by this writer having a date of 1861 or after.

Sheets of the notes of the Merchants & Planters Bank are available today.
The 1-1-1-2 sheet of the printers Danforth, Wright and Company of
Philadelphia and New York are commonly found. Other denomination sheets
are more difficult to find. Sheets of 3-5-5-10 and 10-20-50-100 by Baldwin,
Bald & Cousland of New York and Bald, Cousland & Company of
Philadelphia are available, but much less common. The American Bank Note
Company sale by Christie’s in 1990 put 10-20-50-100 sheets into the collecting
arena. This writer has also viewed two sheets of the American Bank Note

VA

r-Y-

n-.-

Proof note of the Merchants &

Planters Bank. Company not coming from the Christie auction in the denominations of 10-

20-50-100 with the back containing printing of a sheet of six S5.00 notes of the
Mechanics Savings and Loan .Association with the printed date of April 1, 1864.

This writer has also viewed proof notes in the denominations of three,
five, and fifty dollars. It is highly probable that proof notes exist today in all
denominations from the one dollar through one-hundred dollar note.

A common variation in the notes that one may not notice until studving
them is vv'hat Haxby calls the flat top and the indented top red overprint. This
overprinting variation appears on notes printed by Baldwin, Bald & Cousland
of New York and Bald, Cousland & Company of Philadelphia bearing hand-
written dates in the years of 1856, 1857 and 1859 and notes of Danforth,
Wright and Company of Philadelphia and New York with the years of 1856
and 1857. Another more subtle v'ariation is what this writer calls the straight
top position letter “H” and the wavy top “H”. This variation is found on the
ten dollar notes by these same companies with written year dates of 1856, 1857,
and 1859.

PAPER MONEY • July/August 2004 • Whole No. 232

253

A new work Fichas de Colo??ibia by Ignacio Alberto
Meniio was released last fall, according to Latin America
correspondent Joaquin Gil del Real. Written in
Spanish, the work is “excellent, well presented and doc-
umented,” according to the Panamanian researcher and
frequent Paper Mojiey author. Coverage not only
includes Columbian tokens, but those from Panama
when the isthmus w'as part of Columbia, he added.
Additional information and pricing on the volume may
be obtained from fichascolombianas@yahoo.com or by
international telephone at 310-892-2258.

/ Collect

FLORIDA

Obsolete Currency
National Currency
State & Territorial Issues
Scrip
Bonds

Ron Benice

4452 Deer Trail Blvd.
Sarasota, FL 34238

941 927 8765 Benice@Prodigy.net

MYLAR D' CURRENCY HOLDERS

PRICED AS FOLLOWS

BANK NOTE AND CHECK HOLDERS

SIZE

INCHES

50

100

500

1000

Fractional

4V4X3V4

$18.50

S33.50

$150.00

$260.00

Colonial

5V2X3'/i6

19.00

35.00

160.00

290.00

Small Currency

6Vax278

19.50

37.50

165.00

310.00

Large Currency

79»x3V2

22.00

41.00

184.00

340.00

Auction

9x3V4

24.00

44.00

213.00

375.00

Foreign Currency

8x5

27.50

50.00

226.00

400.00

Checks

9V»x4V4 27.50 50.00

SHEET HOLDERS

226.00

400.00

SIZE

Obsolete Sheet

INCHES

10

50

100

250

End Open
National Sheel

8V4X I 4 V 2

S14.00

$61.00

$100.00

$226.00

Side Open

Stock Certificate

8 V 2 X 17V2

15.00

66.00

110.00

248.00

End Open

Map & Bond Size

9 V 2 X 12’/2

13.50

59.00

94.00

212.00

End Open

18x24

54.00

235.00

385.00

870.00

You may assort note holders for besi price (min. 50 pcs. one size). You may
assort sheel holders for best price (min. 5 pcs. one size) (min. 10 pcs. total).

SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE

Mylar D* is a Registered Trademark of the Dupont Corporation. This also
applies to uncoaled archival quality Mylar* Type D by the Dupont Corp, or
the equivalent material by ICI Industries Corp, Melinex Type 516.

DENLY'S OF BOSTON

P.O. Box 51010, Boston, (MA 02205 • 617-482-8477
ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163

Alabama
Large Size

Top Prices Paid

David Hollander

406 Viduta Place
Huntsville, AL 35801-1059

254

July/August 2004 • Whole No. 232 • PAPER MONEY

Haxby provides good coverage of the fractional notes, however, there are
some dates of denominations that e.xist that were not included in his listing.
This writer has a 25-cent note dated January 1, 1862, that matches Haxby’s
G34; a 25-cent note dated January 1, 1862, that matches G54; and a 50-cent
note of January 1, 1862, that matches G58. It is the impression of this writer
that others also exist.

The Merchants & Planters Bank proxddes one with a small cross section
of the history of diis nation prior to and during the American Civil war. Its
currency is relatively attractive but displays, on some specimens, the hardships
of a poor economy during the war. Today, many of the notes are common, but
highly collectible, while there are some notes that are not so easy to acquire.
Interestingly, ephemera of this bank is available to help the collector expand
his/her collecting horizon and knowledge of the history of the time period of
the bank (readers are referred to an article regarding this bank in Paper Money

Proof note of the Merchants & #116, March-April 1985, page 62).

Planters Bank. As a “northerner” who had the good fortune to live in Savannah during

the 100 year anniversary of the American Civil war and began collecting notes
of this bank, this writer must say that it has been enjoyable studying this bank
and collecting its notes. I highly recommend this bank and its currency to
other collectors. You, too, will enjoy it.

Sources:

Anderson, Carl. Correspondence and conversations, 1970 to 1984.

Daily Morning News. Savannah, GA. Various dates from 1854 to 1865.

Directory For the City of Savannah. Savannah: John M. Cooper & Company,
1860.

Ellis, C. D. Conversations, 1966.

Haxby, James A. Standard Catalog of United States Obsolete Banknotes, 1782 -
7.566, Volumes 1-4. lola, \VI: Krause Publications (1988).

Hunts' Merchants' Magazine and Commercial Rei'iew. New York, XX, No. 4
(1849), p. 385.

Jones, Jr., Charles C. History of Savannah, Ga. Syracuse, NY: D. Mason &
Company (1890).

Rutherford, John. Acts of the General Assembly of the State of Georgia, Passed in
Milledgeville at a Biennial Session, in November, December, and
February 1853-54. Savannah, GA: Samuel T. Chapman. State Printer
(1854).

Savannah Morning News. Savannah, GA. April 14, 1882 and June 4, 1966.
Savanah Republican. Savannah, GA. V'arious dates from 1856 to 1865.

Stoddard, .Albert. Correspondence, June 1 966. •>

PAPER MONEY • July/August 2004 • Whole No. 232

255

I T WAS NOT THE UNTRUSTWORTIIINESS OF THE
scoundrels involved, nor the severity' of the crimes against the communi-
ty they had — in fact — committed prior to that fateful Friday. An intact
facade of strength and commitment still cloaked those financial institu-
tions, but how deceitful appearances can really be when that facade hides the
deep character flaws of the individuals responsible for securing public’s trust!

The scene is Saratoga Springs, NY in the late fall of 1878. An undercur-
rent of distrust of financial institutions has pervaded that community since fail-
ure of the city’s Union Savings Bank earlier in the year. Intertw ined with that
failed institution were leaders of the city’s two National banks, the First
National Bank and the Commercial National Bank. Both banks were situated
on Broadway (Saratoga’s Alain Street), literally a stone’s throw from one anoth-
er. At the First National Bank, the President, James Alarv'in, had been a trustee
of the defunct institution, while the Cashier, John Leake, had been its
President. At the Commercial National Bank, its Cashier Stephen Richards
had also been a trustee of the Union Savings, in addition to the bank’s largest

Saratoga’s
Banks of Scoundrels

By Tom Minerley

shareholder. The bad tidings hanging over the Saratoga citi'zenry seemed to
have had some basis in fact. There appears to have been little diere to trust.

However, the fates of the city’s two National Banks diverge into two sto-
ries: one leading to tragedy and rebirth; the other depositing a financial insti-
tution in the waste bin of histoty.

PARTI

The First National Bank seemed to be prospering, going .so far as declar-
ing its latest dividend in January 1878, of four percent from the profits of the
previous sL\ months. But by the following September, its future did not appear
to be so rosy or promising to many observers. The panic that had swept the
banking houses and the city at large ov'er the lingering effects of a scandal that
had brought down the city’s Union Savings Bank still was perv’asive. The First
National’s facade of strength and invuilnerablity was intact, but the undercur-
rent of public distrust simmered just below that thin veneer.

These understandably bad feelings and mistrust of banks in general which
had been initiated by the Union Savings Bank fiasco deepened on December 9,
when the public became aw'are that the Saratoga County Treasurer James
Wright had dipped into the public funds at his disposal for personal use.
Although, on the surface, affecting the Commercial National Bank more
because of Wright’s ties to that bank’s directorship, this additional bad finan-
cial news only deepened that persistent public distrust. As a contemporary
newspaper reported, the news over VV’right’s actions created . a kind of slow-
match to explode the mine under the feet of the banks.”

On Wednesday, December 11, a run started against the First National
Bank, that continued through Thursday evening. By then about S68,000 had
been withdrawn by concerned and panicky depositors. Friday morning found

256

July/August 2004 • Whole No. 232 • PAPER MONEY

the portals of the bank locked. Although not lacking means to continue opera-
tion, even though in hind sight it might have appeared a foregone conclusion
to close, the bank’s President James Marvin and Cashier John Leake, without
consulting the rest of the directors, took responsibility for stopping patment,
refusing additional deposits and canceling funds previously secured to meet
anticipated demands for cash.

The crow'ds then shifted their unbridled and undivided attention to the
Ciommercial National Bank, forcing that institution to close its doors as w’ell.

The real trouble for the individual culprits involved only started once the
hastily prepared telegram to the Comptroller of the Currency left the Saratoga
telegraph office. Once the appointed receiver delved deeply into the cesspool
that constituted the books of the bank, it became abundantly clear that the
average depositor’s suspicions about the bank and its leadership were well
founded.

The thrust of the receiv'cr’s investigation focused on two key individuals.
Cashier John Leake and Director Jacob P'arrington. Others w'ere involved, but
tw'o examples will suffice. Leake, it appeared, w^as literally a man w'ho couldn't
say “no.” He authorized and signed loan papers for thousands of dollars of

First National Bank's Cashier John 5.
Leake, former President of the defunct
savings bank, was accused of embez-
zlement and misappropriation of
funds, forced to resign his position,
and arrested, but ultimately never
tried nor convicted.

shady deals and w'as not above using the bank’s resources to further his own
selfish desires. How best does one explain investing money one does not have
in a fictitious silver mine in Connecticut? Cashier of the bank from the
moment it organized in 1848, Leake was perceived by his contemporaries as an
upstanding man within the community. A silver mine in Connecticut? In
total, a thorough examination of the books cataloged Leake’s shortcoming — as
published in the Troy Times and the Saratoga Sentinel — was a staggering
$108,215! The contemporary description runs as follows:

“. . . (an) assignee of John S. Leake, cashier of the suspended Fhst national hank of
Saratoga Springs, has filed the inventoiy of the liabilities and assets of the assignor.

By reading the inventoiy published belotv it will be seen that .Mr. Leake's liabilities as
an individiutl, as partna- of Jacob H. Fairington or as maker or endoner on notes,
reaches the large sum of $108,215.08 of which $59,422.78 is on promissoty notes
held by the First National bank, of which Leake is cashier; $18,021 .80 to the
Commercial National hank and smaller sums to other banks. On the sutface
$61,872.20 of the total liabilities appear to be secured by chattel mortgages, mortgages
on real estate, interest in oil lands and assignment on bank stock, but when the pre-
ferred claims on those are liquidated the balance will fall many thomand dollars short
of paying the seatred claims in full, to say nothing of those not secured. . . “

Jacob Farrington, a Director of the bank, was involved up to the hatband
in the slight of hand acts at the bank involving other people’s money.

PAPER MONEY • )uly/August 2004 • Whole No. 232

237

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SAINT LOUIS

•rOTSMAN AIJCTTON CO. d

Live Public Auction

1880 SIO.
Large Seal
Blue

Numbers

CHCU.

1902 $10

l-NBof

Hawley,

MN. '

l)isco\'ery.
Blue Seal F.
Unreported

1882 $10
SNB of
St. Louis,

MO. Dare
Back
CHCU.

1902 $100
Frost
National
Bank of San
Antonio,
LX. Blue
.Seal. VF.

At the .Saint Louis Airport Hilton
Hotel July 30th and 31st, 2004 in
conjunction with the Missouri
Numismatic .Society’s 44th Annual
(’oin Festival. The currency portion
of the auction will begin at 6pm on
Saturday July 31st. Online bidding
will start at Noon on July 1st at
Scotsman’s website, www.scoins.com.
Those wishing to receive an auction
catalog by mail may call 800-642-
4305 . Telephone, fax, email, and
mailed absentee bids are welcomed.

HiTiTiTlytrniSirffTV^^ a HSr t n i Cil!]]

1934 $10, ()()() Philadelphia. F. Unreported.

1929 $10.00 Saint Louis-star. ChCu.

1882 $5.00. SNB of Memphis, TN Brown Back. VG.

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Scotsman Auction Co. - 1 1262 Olive Boulevard - Saint Louis, MO - 63141-7653
Telephone: 800-642-4305 or (314) 692-2646 - Fax: (314) 692-0410

258

luly/August 2004 • Whole No. 232 • PAPER MONEY

''From the iissigimievt it iippcars that Mr. Fairington's total mdebtedness is
$15,556.90 classed as follotvs: Protnissory notes on ichich he is liable as maker
$11,224. H8; notes on ■which he is liable as cndoner $14,306.55; individual debts
$1 2,262.26; liable on notes as maker and endorser in the Ircery firm of Fairington &
Leake $31,663.21. Notes to the amount of $48,366.49, on which Mr. Fatrington is
endoner or joint endorser with J. S. Leake, are held by the First National bank. Mr.
Famngton?s natne is on paper at the Commercial national bank for $4,161.45 more,
and at the First National Bank of Ballston for $2, 102. Some of the paper is undoubt-
ed good, a portion is secured by mortgages, but a large share is worthless. . . ”

WTiat a pair of foxes to be left guarding the henhouse.

The corner three-story brick structure
was first the home of the Commercial
National Bank and was purchased at
auction by the First National Bank in
1879. The imposing edifice on the
opposite corner was originally built
for the Citizens National Bank which,
when merged in 1915 with the First
National Bank, formed the Saratoga
National Bank.

-Vlmost as an after thought, Leake resigned as Cashier in late January^ On
January 23, Farrington, on a warrant sought by the Bank, was arrested (again)
alleging embezzlement while acting as director. On May 18, Leake and
Farrington were indicted in federal court, Leake for . . embezzling, abstract-
ing and wilful misappropriation of the funds of tlie bank. . .” and Farrington for
“. . . abstracting and wilful misappropriation of the fimds of the First National
bank.” Neither man appears to have spent any lengthy time incarcerated, if
any at all. They may not have had funds to cover their mistakes, but seemed to
have tbe resources to attract sufficient bail money to stay on tbe loose.

.Almost from the beginning of the unraveling, both men had made some
attempts to assign their goods and property to the bank to both make up for
what they had done and to hopefully avoid criminal prosecution. In the end,
the Bank’s willingness to accept such assignments proved the key they had both
sought. An article in the Ball.stou Jountal dated January 29, 1881 (t^^'o years
after the fact, if you are keeping score), sums up the punishment meted out:

AN IMPORTANT B.ANTC DECISION

"Judge London of Schenectady has handed down a decision in the case of the First
National bank of Saratoga Springs against John S. Leake, cashier, John C. llulbert,
.-Uexander S. Hays and Jacob H. Famngton, directors. The action was for the
embezzlement of money in unlawful discounting their own notes and thereby misap-
propriating the finds of the hank. The decision is in favor of the defendants, on the

PAPER MONEY • )uly/August 2004 • Whole No. 232

NUMISMANIA RARE COINS

P.O. BOX 847 -- Flemington, NJ 08822
Office: (908) 782^1635 Fax: (908) 782^6235
Jess Lipka, Proprietor

NOBODY
PAYS MOR

(D |f8G9ttl[^ W^V

Q ^ 7978

TROPHY NATIONALS

Buying All 50 States, Territorials, Entire State and
Regional Collections, Red Seals, Brown Backs,
Statistical Rarities, New Jersey.

Also Buying Coin Collections and Type

; NO DEAL TOO LARGE! ;

7 ^ ~k

260

July/August 2004 • Whole No. 232 • PAPER MONEY

givunds that altho (sic) the discounting of their oicn notes tcithout the consent of the
other directors may he imla-wfiil, yet the bank afteiivards ratified and adopted the act by
soliciting and obtaining coUata-al security for the paytnent of such notes and by the sale
of the collateral and the application of the proceeds upon these very notes. ”

The bank itself sumved, reopening February 17, 1879, after the decision
had been made and adopted to impose a 95% assessment against the sharehold-
ers. The rehabilitation was complete and serious disaster would not revisit tlie
bank again for another 25 years.

PARTn

The allegations against County Treasurer James Wright struck particularly
hard with key shareholders of the Commercial National Bank. The major share-
holder in the bank, Charles S. Lester, was the leader of what the local newspa-
pers had labeled the “Republican Ring” and had been instrumental in securing
Wright’s reelection in November 1878. Together with having been a director
of the defunct Union Savings Bank, whose affairs were then only starting to be
wound up, there was a certain amount of pent up distrust discemable between
the bank’s leadership and a generally skeptical citizenry. A run commenced at
the First National Bank on Wednesday, December 11, focusing mainly on the
neighbor across the street, but eventually spreading to this institution as well.
By noon on Saturday, the managers closed their vaults for what would turn out
to be the last time.

On December 12, die Saratoga County clerk notified the County Board of
Supervisors that rumors of a financial problem were real, that the county’s bank

_r. ' '

^////yz/zy ,

• z/t /zzzzzzz/Zz I

(Mmm

The vanity signature of Stephen H.
Richards projected his confidence in
his career as Cashier, but by 1879
there were probably relatively few
still in circulation. President John
Carr somehow managed to keep his
head above the mess that enveloped
the bank he led.

accounts had vaporized, and that there were insufficient funds to make payroll.
Eventually the total amount of Wright’s defalcation was pegged at $16,397.25.
Of course, the Treasurer was nowhere to be found. A warrant for his arrest was
issued December 1 7, charging him with malfeasance in office. Rumors circulat-
ed that he was a suicide, but were quickly discounted by the vast majority of peo-
ple. On December 19, he sent a letter postmarked New York City stating he’d
furnish $4,000 to help make up the deficit and that he was willing to return to
the area, but only after receiving assurances he would not be prosecuted.
Eventually he ended up skipping out of the country', finally securing employ-
ment as a clerk in the Windsor Motel in Montreal.

The damage had been done, but nobody would be certain as to the extent
or severity until a receiver appointed by tlie Comptroller of the Currency could
investigate and report his findings to Washington.

The Comptroller ordered bank examiner R. E. Williams of Oneonta to
conduct a thorough review of both banks and report his findings which would

261

PAPER MONEY • July/August 2004 • Whole No. 232

American Numismatic Rarities’

™ CLASSICS

BRINGS OVER $4.2 MILLION IN NEW YORK

AVERY CHOICE EF 1918 FEDERAL
RESERVE BANK NOTE REALIZED $10,350

A Choice Uncirculated 1913 $50

Gold Certificate realized $6,325

1 1

T'fT BJ74977Q:-5W

^1^7743771;- ^

A Choice Uncirculated 1899 $5
Silver Certihcate realized $6,440

A Choice Uncirculated 1862 $2
LEGAL TENDER NOTE REAUZED $4,370

CHOICE Uncirculated 1896
Educational $5 Reauzed $9,200

An Uncirculated lazy deuce on
Kansas, Illinois realized $7,475

A Choice uncirculated Pennsylvania
Sixpence Note realized $2,070

PLAN TO Participate

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our upcoming sales. Call Rick Ba^ or John Pack, toll-free
866-811-1804.

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WWW.ANRCOINS.COM • AUCTION@ANRCOINS.COM

262

)uly/August 2004 • Whole No. 232 • PAPER MONEY

determine the fate of both institutions. Arriving December 17, his work was
interrupted by petitioners representing both institutions remonstrating why
they should be allowed to regroup, repair and carry on business as before. In
the initial phase of the examination, the local press favored the Commercial
National Bank’s resumption chances above those of the First National Bank,
speculating almost weekly on exactly when the doors would reopen. In a dis-
patch from Washington date January' 15, 1879, it was noted that both reports
had been completed, submitted and found satisfactory to the Comptroller.
The verdict was not good. In February, a second examination was held to
investigate the individual liability of the directorate of the Commercial
National Bank, now facing suit from a depositor who wanted that body held
personally liable for any and all deficiencies.

WTiile the fate of the First National Bank had been decided, the len'ing
of a 95% assessment due and payable by February 11, hope dimini.shed for the
Commercial National. In both instances, Comptroller of the Currency John
Knox had gone to tremendous lengths to afford the institutions every opportu-
nity to prove themselves worthy of business resumption keeping them out of
receivership while any hope remained, but in the end only one survived.
Rumors of pending breakthroughs on business resumption filled the newspa-
pers and talk on the street, until it was announced February' 22 that “. . . the
Comptroller of the currency has deemed it prudent to close the Commercial
National bank. He has appointed Mr. (L. M.) Price as receiver, who has taken
possession of the bank, and will at once proceed to wind up its affairs.” On
February 26, Price, when approached by a delegation of shareholders, told
those representatives who had offered a 90% assessment plan that it was too
late for rehabilitation. Plans for resuscitation would persist for a while longer,
but the decision had been made and was final. A new receiver. Dr. Charles H.
Payn, ended all .speculation of a resurrected Commercial National Bank once
and for all with the final irony being the purchase of the well-appointed bank
building at an auction ordered by Payn to the First National Bank.

VV’ith the death of the bank and the auctioning off of its building and fix-
tures, the troubles were not ended. Charles Lester, as very' well politically con-
nected, was never a candidate for fall guy. Even though it had been through
his unwise speculation in worthless real estate and guilt by association with
Treasurer Wright, no indictment was ever handed up with his name on it nor
any warrant served on his person. The apparent fall guy was going to be the
fomier cashier, Stephen R. Richards as the man left standing when the music
stopped. On January 5, 1880, he was arrested and “. . . charged with abstract-
ing, embezzling and wilfully misapplying the funds of the bank.” The warrant
also charged him with perjury in making false returns to the comproller of the
currency. After examination, the case was adjourned.

In May, together with John Leake and Jacob Farrington of the First
National Bank scandal, he was ordered to stand trial in United States Court,
but as before, he continued on bail. On May 19, a federal grand jury in
Rochester found bills of indictment on all three defendants, but by now every-
one had grown weary of die “old news” and were looking for a way out of their
encumbrances. By December 1 880, a new bank examiner, Orson Adams, com-
pleted an examination of the accounts of Receiver Payn . . and found them
satisfactory. As was at first thought the assets have been found sufficient to
meet the liabiliries.” January 1881 saw the final sell off of remaining assets of
the bank and on February 21, Comptroller of the Currency Knox ordered the
shareholders to elect an agent to whom the remaining assets of the bank would
be transferred. After all this, there appears to have been money left over. V\Tio
would have guessed?

Both cases ended with a whimper. There were no guilty parties, no one
went “up the river” for crimes against shareholders and depositors. ❖

PAPER MONEY • July/August 2004 • Whole No. 232

263

New Hampshire Bank Notes Wanted

Also Ephemera

I am continuing a long-time study on currency issued by banks in
New Hampshire, including state-chartered banks 1792-1865, and
National Banks circa 1863-1935. Also I am studying colonial and
provincial notes.

I would like to purchase just about anything in colonial and provin-
cial notes, nearly everything in state-chartered notes, and items that
are scarce or rare among National Bank notes. I am not seeking bar-
gains, but I am willing to pay the going price. I will give an immedi-
ate decision on all items sent, and instant payment for all items pur-
chased.

Beyond that, I am very interested in ephemera including original
stock certificates for such banks, correspondence mentioning cur-
rency, bank ledgers, and more.

With co-author David M. Sundman and in cooperation with a special
scrip note project by Kevin Lafond, I am anticipating the production
of a book-length study of the subject, containing basic information
about currency, many illustrations including people, buildings, and
other items beyond the notes themselves, and much other informa-
tion which I hope will appeal to anyone interested in historical
details. All of this, of course, is very fascinating to me!

Dave Bowers

PO Box 539

Wolfeboro Falls, NH 03896-0539
E-mail: qdbarchive@metrocast.net

luly/August 2004 • Whole No. 232 • PAPER MONEY

Confederate Treasury correspondence on new CD

C orrespondence of the TRKisuRV depart-

ment of the Confederate States of America, 1861-65, by
Raphael P. Thian. .An inde.xecl and searchable CD produced
by George B. Trenimel and Tom Carson. 2659 pages.
Requires a reasonably modern PCi or Macintosh and .Adobe
Acrobat Reader version 6 (free software).

■Many know Raphael P. Thian’s Register of the Confederate
Debt through the 1972 Quartennan reprint. This is a highly
detailed compilation of data about Confederate treasurj'
notes by issue, serial number, plate letter, signer, etc--
1 90 pages of tables. But Thian, in his remarkable and / '
long career as Chief Clerk in the .Adjutant General’s /
Office, did much more to preserve the history of
Confederate finance since he believed that “...the j'
historv of the purse is as valuable as that of the I S"
sword.'...” 1 ^

This CD duplicates four volumes of Thian's \
compilations--incoming and outgoing Treasury YjilS
Department correspondence and Treasuiy- reports to
the Confederate Congress, President, cabinet officials,
and others. They were published in verj’ limited editions '
about 1878-1880 and today are very rare and fragile volumes.

•Most of the correspondence from the Treasury
Department is that of Secretaries Memminger and Trenholm.
They wrote to President Jefferson Davis and other
Confederate government officials, to bankers, to printers such
as Keatinge and Ball, to foreign officials, and to many others.
Correspondence to the Treasury Department is as varied.
Henry Savage, an official of the Commercial Bank of
Wilmington, NC, writes secretary .Memminger on May 26,

1 864: "SIR: I regret to report the capture by the enemy of the
steamship Greyhound, on which vessel I shipped for account of
the Treasury Department $26,600. ..in golil." Memminger
writes to Joseph D. Pope of Columbia, SC on .August 4, 1862:
"I have had a full conference with .Mr. Keatinge in the relation
of the practicability of printing engraved signatures to
Treasury notes, and of new issues in place of the present issues
which have been counterfeited. It seems to me that we shall
be compelled to create something like a Government estab-
lishment to make everything secure." The correspondence is
b)- no means just about money, but includes the full anil broad
scope of the business of the Confederate Department of the

Treasury. TTiis is the raw material of historians and the fasci-
nation of Civil W’ar and Confederate paper money enthusiasts.

I’he 2,659 pages are reproduced on your screen e.xactly as
they were originally printed. The CD uses Adobe Acrobat
technology. Mliile you see the facsimile pages on your screen,
the file also stores the words so they can be searched. In con-
structing the CD files, .Acrobat uses an
automatic word recognition
methodology called optical

cliaracter reading (OCR).

OCR is not 100% perfect
~ — 1 \ when the original paper or

“w microfilmed page is dirtv',

^ marred, or deteriorated.

J This is the case for part

manuscript. The
^ I compilers estimate that

‘ J about 85-90% of the
captured accu-

• ® rately for searching. 1

I ^ searched on "Keatinge" and

found 139 listings of the word.
The compilers have created an
e.xtensive inde.x (called bookmarks) to the doc-
ument. For e.xample, every letter from the Treasury
Department is individually listed by subject or recipient. Click
on a letter entiy like a link on a web page, and you go to that
letter. The correspondence index is arranged chronological!}-.
They have also color coded index entries: Red, about counter-
feiting; green, about currency production; and blue, those they
found especiall}- interesting.

Tremmel and Carson, both advanced collectors and
respected numismatic authors, have made a major repository
of primaiy' material about Confederate finance available to
researchers and hobbyists at a low price and in a very' useful
format. In this reviewer's opinion, having the index and the
woril-searchability, even if not full}- com|tlete, is far superior
to having a paper or microfilmed copy.

The CD is available for $42 from Tom Carson, 5712 N.
Morgan Lane, Chattanooga TX 37415; email htcarson@com-
cast.net. Tom is interested in converting other historical doc-
uments. Send him your suggestions. — Boh Schreiner ❖

TATIS

pdDolUrh I

Sheheen catalogs South Carolina obsolete notes & scrip

A LIFE SPENT COLLECTING .AND
snidying obsolete currency' of his native
state has enabled past SP.MC President
.Austin M. Sheheen Jr. to completely revise
and update his 1960 catalog with the release
of his new 368-page South Carolina Obsolete
Notes and Snip.

Shebeen’s work is not only a compre-
hensive surx'ey of his subject (state, bank,
railroad, town, city, private, depression scrip,
and miscellaneous notes), but a sumptuous
one at that. Printed on heaxy 80-pound
glossy paper, \-irtually every note (more than
1,000) is published in full color.

The book’s dapper author credits a
brace of deceased and current collectors as
well as the State’s Museum and Department

Yjff /'<•///* f/\

OBSOLETE NOTES AND SCRIp|

'*.*•*“ •e.,

- 2r

AlOMnUlHNSiVI
ilSIlMMOI STATI.
HKOKI N ftANk ICnVN
niY. KAltROAl). WKII'
ANnOtlllR
MIH'fUANtCHO NOTTS

AUSTIN M.
SHEHEEN. IR.

of .Archives and History' for advancing his
knowledge of this field.

The catalog includes basic information
on the banks of issue, their officers, capital-
ization and dates of organization. Rarities,
note descriptions, printers’ imprint.s, as well
as listings of counterfeit, spurious, altered
and raised notes are detailed as well. .A very-
helpful index and a comprehensive set of
running heads (folios) make navigating the
book a breeze. Certainly an excellent addi-
tion to the literature and highly recom-
mended as a definitive listing.

This hardbound volume is priced at
$45 (dealers inquiries invited) from its
author at PO Box 428, Camden, S.C.
29020. — Fred Reed ❖

PAPER MONEY • July/August 2004 • Whole No. 232

265

A Memorial Tribute to the

“Mozart of Money” Tim Prusmack

(b. 1962 - d. 2004)

and the

BUREAU OF engraving AND PRUSMACK

By John and Nancy Wilson, NLG, SPMC LMs

I T W.A.S WITH GREAT S.ADNESS ON JANUARY 26, 2004, THAT
we were notified our good friend and great money artist Tim Prusmack
had passed away. Born in 1962, Tim passed away at the age of 41
The cause of death was possibly related to complications from
recent gastric bypass surgery. What a sad loss for the numismatic
hobby. This story is a tribute to our good friend, “The Mozart of
Money, Artist Tim Prusmack.” We hope it is a lasting memorial
to a person we first met at the January, 1998 Florida United
Numismatists Convention in Orlando or possibly at the
American Numismatic Association Convention held a few
months later in Portland, OR.

Information was obtained for this story from personal
interviews with Tim at the ANA 2003 Summer Seminar, vis-
its with Tim at his home in Fort Pierce, FL, and from his
web site located at: www.money-art.com. Additional inter-
esting and informative stories on Tim Prusmack can be
found in: Numismatic News (2/16/1999) “Money Artist
Prusmack Enjoys a Challenge” by Timothy Rolands, and
COINage ("72/98) “Bureau of Engraving and Prusmack” by
Kari Stone. Tim also did talks at the ANA Worlds Fair of
Money and Florida United Numismatists Conventions, which
we attended and took notes. Tim loved sharing information on
his Money Masterpieces and the numismatic hobby.

This great artist was bom in New York in 1962, and though his
life was cut short at an early age, his accomplishments in life were many
Tim came from a family that was well educated and had great artistic skills.
His family included his parents. Dr. Armand J. Prusmack and Florence

Editor’s Note: The passing at such an early age of paper money artist and
SPMC member Tim Pmsmack was a shock and a loss to his many friends in
the hobby. This article was originally commissioned by the Editor for a
forthcoming “Paper Money as Art” special issue of this Journal, but in view of
its timeliness was updated and is presented here as a memorial tribute by his
close friends and associates John and Nancy Wilson. — Fred Reed

¥/

luly/August 2004 • Whole No. 232 • PAPER MONEY

Syrewicz Prusmack; brother Ajon; and sister Nancy Prusmack Tenure. His
father, Dr. /\rmand Prusmack, was in the military service during World War
II. From the late 1940s to 1967, he was a Professor at a New York imiversity.
From 1967 to 1987, he was a Professor of Marketing and Advertising at C. W.
Post - Long Island University. Tim’s mother Florence received a Bachelor of
Science - Far East Studies Degree from C. W. Post University. Florence is the
autlior of 10 books including one on Khan (Ghenghis) published in 1992.

. She has recently finished a book on a Lady Shogun which is awaiting

publication. She also teaches a creative writing course at a local
Fort Pierce Community College.

’ attended the C. W. Post University from 1980 to

1985 and received a Bachelor of Science and Marketing
Management Degree. At graduation, Tim turned his
love of playing golf into his first career, and became an
Assistant Pro in the Long Island New' York area. He
also played tournament golf for a couple of years dis-
playing the same uncanny hand-eye coordination that
■ would serve him so well as a paper money artist. At
one-time, Tim was New York Junior Golf
— Champion. Later, Tim told us, that from the middle
to late 1980s to mid 1990s his career consisted of
being a “Jack-of-all Trades.” It was a time in his life
when he held several different jobs.

collector since the

ntf age of seven. His favorite coin collecting area was U.

S. Commemoratives from 1892 to 1954. He also col-
lected other coins and currency items. Tim belonged
several coin clubs w'hich included the American
Numismatic Association, Florida United Numismatists,
Society of Paper Money Collectors, Fractional Currency
tOKJtfIjBy Collectors Board, Token and Medal Society, and the

P iSr Treasure Coast Coin Club. He served as President of the

Treasure Coast Coin Club for five terms.

He always admired large size paper money that was issued
between 1861 and 1929. The price tags on his favorite notes were alw'ays
too expensive for his budget. He was able to get some of the less expensive
notes for his collection, but his true love was the scarce large sized notes that
had heavy price tags. Around 1996, Tim decided that he w’ould like to start
creating reproductions of the notes he couldn’t afford.

He made up his mind then that he would make drawing paper money his
profession. His only work in drawing up to that time was a few oil paintings
he drew after college. Tim did at least three oil paintings and we were fortu-
nate enough to receive one that hangs in our home in Ocala, FL. His other oil
paintings are well done and look very professional.

Tim told us that as a young man he accompanied his father to the New
York Phoenix School of Design where his dad was Director. Tim reflected
that going to that art and design school possibly inspired him to have a career
in the art field. Tim's other art and design training consisted of a minor art
course in college, watching art show's on television, reading art books and self
teaching himself. Tools of his trade consisted of mechanical pencils, razor
pilot mechanical drawing pens and charcoal (limited for shading). To produce
his Money Masterpieces Tim utilized his imagination, auction and other cata-
logs, souvenir cards, and reproduced notes from friends around the coimtry.
We made color copies of several of our large size notes for Tim to use for his
Money Masterpieces. At least two of our notes were used by Tim for his
Money Masterpieces: the $5 1896 Educational note and Lazy Deuce from

Running Antelope by Tim Prusmack,
detail from his Series 1899 $5 Silver
Certificate facsimile.

PAPER MONEY • July/August 2004 • Whole No. 232

267

Wisconsin. Several times Tim called us and asked us to measure a note so he
had it exactly right. He wanted his Money Masterpieces to be perfect in every
way.

World War I battleship by Tim
Prusmack, detail from his Series 1918
$2 Federal Reserve Bank Note back.

As Tim stated to us, some of my early money reproduction work was OK
but was really nothing to write home about. According to Tim, the first
Money Masterpieces he did were two notes on a single piece of paper, a $10
and a $20. He did these notes overnight. He knew he had some way to go to
create the Money Masterpieces he was sure he could produce. Other early Figure One

creations consisted of eight crude copies of notes.

Later he produced a denominational series of
small size notes, uniface, from $50 to $1,000.

Each of these notes took him 50 hours to do. All
of Tim’s Money Masterpieces are done uniface.

In 1996 a local Fort Pierce coin shop owner (and
coin club friend), Jeff saw some of Tim’s early
paper money art work. Jeff said to Tim “why
don’t you give it a try and see if you can draw as a
living.” Shortly later, a very promising career
started.

In 1997 Tim took a table at a small local
coin show in an outlet mall in West Palm Beach,

FL. He brought some of the work he had done to
the show. His work received a positive response
from the people who stopped by his table. Most
everyone who stopped was impressed by his artis-
tic talents. Tim now felt that his Money
Masterpieces would be well received in the hobby
place. One of Tim Prusmack’s Money
Masterpieces was made for the 1997 Florida Fall
Collectorama Show. This show was held at The
Lakeland Center, in Lakeland, FL. Figure One
is a Series of 1996 $100 “error” souvenir Money
Masterpiece note produced for this Lakeland
show.

Tim told us that from these early designs he
graduated to the more colorful and artistic notes.

268

July/August 2004 • Whole No. 232 • PAPER MONEY

Above: George Washington; below:
Abraham Lincoln portraits by Tim
Prusmack, details from his handrawn
Money Masterpieces.

These types of notes encompassed almost 1 00% of the area and took him from
150 to sometimes more than 300 hours to complete. The intricate details on
some of his work were technically very demanding on this great money
artist. He said that from the start of a note to the end, his original
had to be perfect in every way, with no mistakes allowed.
Watching him at work, we could see how meticulously perfect
Tim was in the production of his Money Masterpieces.

Tim was also very fortunate to have a graphic design-
er and printing source who was very good. This company
took his work and turned them into copies that were just
like the real thing. Tim’s printing source had trouble at
first reproducing his Money Masterpieces. Color
copiers are made to not allow reproduction of actual cir-
culating money. Tim’s copies were so real looking to
circulating notes that the copying machine wouldn’t
accept them. They overcame this problem though and
turned out copies that were like the real thing. Tim
always enjoyed telling this story.

Tim never let a note go that wasn’t perfect in every
way. He was also very generous with his time at coin shows
and always gave his customer everything they wanted. Many
of his customers received certain favorite numbers. If they
wanted he would also sign their name in spaces on the notes,
usually in the Treasurer of the U. S. location. This was a favorite
of ours, and we had him sign our name in that space. We received
Number 5 1 in his series of Money Masterpieces.

Tim was now on his way to an outstanding career as an artistic designer
of Money Masterpieces. A nickname would soon be given to him as the
“Mozart of Money.” His web page says “Tim Prusmack Money
Masterpieces.” He liked this name very much and was very proud of his origi-
nal and hand drawn art work. Tim was also very proud of his family and was
happy to be living at home with his mom and dad. Tim was very close to his
mother and father.

We were fortunate to he able to stay with Tim and his parents on
about four different occasions over the past several years. We stayed
with the Prusmacks during our trips to the Treasure Coast Coin
Club for two of their banquets and coin club meetings. These
were enjoyable trips, and we were were treated like royalty by
the family. Tim always greeted us on our arrival, “welcome to
the Prusmack Castle.” We were treated like family mem-
bers and our trips to the Prusmack Castle will always be
remembered.

I'im’s Money Masterpieces are prominendy displayed
throughout the house. Tim’s original art work collection
rarely leaves its location and few have seen it. We were
privileged to see some of his original art work and were
amazed at how beautifully done they are. Every line and
detail was done by Tim in such a professional and intricate
manner that it was hard to believe they were hand drawn.
We could see that Tim was meticulously perfect in all details
during the production of his Money Masterpieces. These origi-
nals later were copied and reproduced in limited editions for his
customers located throughout the United States. Rarely, did Tim
his originals to the different conventions and coin club meetings
attended.

Tim valued these original drawings very highly. He said they would be

PAPER MONEY • )uly/August 2004 • Whole No. 232

269

his retirement some day. In 2003, Tim won a scholarship and attended the Art
of Engraving Class held in Colorado Springs, CO., hy the American
Numismatic Association. Tim took some of his originals to the class, and he
told us later that everyone was impressed with them. He displayed one of his
original Money Masterpiece works at the Art and Engraving wine and cheese
reception held during one of the evenings of the seminar. This reception
allows the students to show examples of their work and mix and mingle social-
ly-

Stone Mountain Confederate Memorial
by Tim Prusmack, detail from his
Series 2001 $2 Robert E. Lee Atlanta
ANA Confederate Treasury Note.

Besides this Money Masterpiece, he also displayed three designs for new
coins. These included a Harry S Truman nickel and half-dollar, along with a
Ronald Reagan dime. His original Money Masterpiece and coin designs drew
raves from all who viewed them. The wine and cheese reception allows the
students to show the visitors their art
work. They are also allowed to sell
items during this showing. Some of
the students also donate items to the
ANA YN Auction held one of the
evenings of the seminar. Tim (and
others) donated items for the YN auc-
tion and they did well. The annual
ANA Summer Seminar is held during
the first two weeks of July (sometimes,
like 2004, it was moved into June).

Tim’s Money Masterpieces were
completed at a work desk right next to
his bed. As you can see Tim com-
pleted his Money Masterpieces in a
very small work area. In front of his
bed Tim had a large book case with
many numismatic and other refer-
ences. Tim was an avid reader, not
only of numismatic references, but
also novels and historical books. Figure Two is a photo of Tim at his desk
holding up an original of his Statehood Fractional Currency notes depicting
Washington on the left. On the desk are hand drawn state quarters. These
designs would be placed in the blank area on the right sides of the notes.
Figure Three shows one of his Statehood Fractional Currency notes with a
Delaware Quarter on the right. Delaware was the first quarter issued in 1999.

Figure Two

270

July/August 2004 • Whole No. 232 • PAPER MONEY

Figure Three

431^ AnnuAi: cotidehtioti

JAH 8-111998 CKREAHCO K

VUMDR C

43ni xmiuAc cam)EHTion

JATlOAllI/ 8-111998 OllEAnDO K

FtoRim unrrED numismatists

PAPER MONEY • ]uly/August 2004 • Whole No. 232

271

Figures Four depict Tim’s Money Masterpiece for the FUN 1998
Convention. Tim produced two FUN Pesos with Don Qui.xote designs, one
on horse back, and another one with him standing with a sword. They are
overlapped to show you the two different types of Don Qui.xote. Tim told us
that he went to this FUN show and used his art work to purchase his bourse
table. The show received the FUN Peso and other souvenirs. This was a com-
mon practice for Tim: to take tables and when possible pay for them
with his Money Masterpieces. To our knowledge the only
major conventions Tim missed were the ANA New York
2002 convention and 2004 FUN show. He made all the
Memphis Paper Money shows starting in the late
1990s. Besides these Tim made two Baltimore
and the Lakeland conventions along with the
local coin club shows.

Figure Five will show you Tim’s
favorite Money Masterpiece which he did in
1998, the $5 Series of 1896 Educational
Note. From early on Tim wanted to make
sure that his Money Masterpieces were
legal. He always copyrighted his work
with the U. S. Copyright Office. He
also made sure that the FBI, Treasury
Department, Bureau of Engraving and
Printing and Secret Service had copies of
his uni face work. They all thought his
original artw'ork was very artistic, and
didn’t appear to have any problems with
the subjects he reproduced.

VVTien Tim took tables at coin con-
ventions, he always requested to be in close
proximity to the U. S. Mint or Bureau of
Engraving and Printing. Two of Tim’s cus-
tomers are the former Treasurer of the U. S.

Mary Ellen Withrow and Director of the U. S.

Mint Phil Diehl. Another friend was another former
Director of the U. S. Mint Jay Johnson. All of them
thought very highly of Tim’s JMoney Masterpieces.

Figure Five

Portrait vignette, detail from Tim
Prusmack's Royal Bank of Scotland
FUN note

272 July/August 2004 • Whole No. 232 • PAPER MONEY

Figure Six

Figure Seven

Figure Six is a photo of Tim with Treasurer of the U. S. Mary Ellen
Withrow at left and his mother standing in the back ground. They are holding
Tim’s $1 Series of 1896 Educational Note which depicts “History Instructing
Youth.” His large Money Masterpieces are seen in the back ground. Only a
few of these very large Money Masterpieces were made. Tim’s better cus-
tomers usually purchased them right at the show and took them along.
Customers had the option to take the Money Masterpiece cut to size or as a
souvenir card. We have some souvenir card versions and some cut down in our
collection.

Tim told us at the ANA Summer Seminar in 2003 that he had produced
89 different Money Masterpieces ~ and was still counting. Tim was also excit-
ed about attending the 2004 ANA Summer Seminar, where he would have
been attending on scholarship Part Two of the Art of Engraving course.
Education Director Gail Baker was very sad to hear of Tim’s passing. Tim was
also one of the finalists who submitted his name to the U. S. Mint as a possible
coin designer. His ambition in life was to be an engraver for the U. S. Mint.

His Money Masterpiece subjects were many and very diversified. A par-
tial listing of these can be found
on Tim’s web page at
www.money-art.com. His
Designer Series consisted of 10
different notes which included a
Y2K 2000 Currency note pro-
duced for the FUN 2000 Coin
Convention, which you can see
in Figure Seven. Another great
note in this series is an 1863
Spinner Fractional note depicted
in Figure Eight. The Spinner
note is shown on top of a Si

PAPER MONEY • July/August 2004 • Whole No. 232

273

Figure Eight

FRN which has had the signatures of the Treasurer and Secretary replaced
with “John and Nancy Wilson” and “F. E. Spinner.” Tim had the ability to
remove ink wathout impairing the paper. Fie told us he only did a few since he
always wanted to be law abiding and not do an)^ing fraudulent.

His Educational Series consisted of five different notes which included
his favorite: the $5 Educational note shown in Figure Five. The Frontier
Series included the S5 SC 1899 Indian Chief, the 1901 Lewis and Clark $10
and a small size $500 Teddy Bill (President Roosevelt) shown in Figure Nine.
Please note that it has our Treasurer’s signature (Mary Ellen Withrow) on it
(she left office in 2001), along with that of Theodore Roosevelt and Tim
Prusmack. We think highly of this note since he gave it to us in exchange for
staying at our house in October, 1999. Fie came to Ocala, EL to give a talk at
the Ocala Coin Club meeting. It is so marked on the back as payment for his
stay. Of course we didn’t charge him for staying with us, but this was Tim’s
way of saying “thank you.”

The International Series of three notes included Sir Winston Churchill
and Princess Diana. Figpire Ten is a copy of his Churchill Bank of England
One Pound note. His Show Souvenir Series included some of his early work
in the late 1990s, which you can see in Figure One and Figure Four. A great
idea of Tim’s was his Statehood Fractional Quarter Currency Series. This
consisted of all the state quarter dollars that had been produced through 2003.

>ri»osii ^

July/August 2004 • Whole No. 232 • PAPER MONEY

Figure Nine (above)

Figures Eleven

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ai-^. Am

W' .mI

PAPER MONEY • )uly/August 2004 • Whole No. 232

275

lOOO

10IUIOO

lOOOOO

^ ^THK t nVITB »* STATE SOFAMKKMA
MU^Hl'NDKEO THOlIS^Wfl DO! J^VK.S IN
>t*>%VAKI.k;TnBS;AKeX 01IDKJii*n} A^AtrTMOmZLJI,KYI..W.r^

washinctokdc

He reproduced the state quarter designs on the right sides of the notes, and
famous Americans on the left. Figure Eleven shows his Illinois Statehood
Fractional Currency Money Masterpieces produced in 2003. These notes have
a purple seal. Portrayed on left is President Abraham Lincoln at right the state
quarters from five different states.

Tim’s Traditional Series consisted of 16 different notes. This series
included a CSA 1000 1861 note Calhoun/Jackson. Figure Twelve is a copy of
this wonderful recreation. Figure Thirteen is the back of a Series of 1890
Grand Watermelon note, which is
also part of his traditional series.

His High Five Series consisted of
small size notes from S500 to
$100,000. Figure Fourteen is a
Aloney Masterpiece of Tim’s
$100,000 note. Let’s face it, the
only way most of us could afford
.\NY OF THESE notes is by pur-
chasing them from Tim Prusmack
the Money Artist. The .Master is
now gone but his Masterpieces sur-

Figure Twelve (top)

Figure Thirteen
(above)

Figures Fourteen
(below)

vive.

276

luly/Augusi 2004 • Whole No. 232 • PAPER MONEY

CiM-NxitwrilfTINC, OW ttTKRlTWCTUlS NOTfr:. OM AkN V CiU’^TKM

> i:fT OH «Fn. OK II VVINC IN PoN^I.S SlON %NV I'.kf.NK OH

c oi N-ri.Hi iji r I'L.^Ti;: on tMPRfc.sst oNuriT.OM vvYi>.\t*»:H M.tor in imi-

X^riON OlXItt: K.\f*KH ON VI UIC.H IT IS PUINTCU.IS TXf .ONV..l*Wf» IS i>t;N
ISMAUCKM-> Siq00»l!0: OKl'>%X^K^ lMKMtlkilNNi:i«T iTILIJIII U«RO MomKOI II.

AE 31700214A
E5 _

AE31700214A

Figure Fifteen (top)

Figure Sixteen (center)

Figure Seventeen (bottom)

PAPER MONEY • ]uly/August 2004 • Whole No. 232 277

ited edition of 250 (or less), he also produced a larger studio size example Figure Eighteen

which were usually limited to 50 or less. Tim also was commissioned to do a

series of phone cards. VVe have a few in our collection which have reproduced

Money Masterpieces on one side and calling information on the other. These

were called Prusmack Art Cards and aren’t listed on his web site.

Tim was a master in the reproduction of old paper money and creating
money look-a-likes with his vivid imagination. Figure Sixteen is the back of a
$100 California Gold Bank Note depicting gold coins from the $1 to $20
denomination. This amazing example of his work lets us see how great an artist
Tim Prusmack was. Figure Seventeen is a Money Masterpiece of a current
circulating $100 FRN. It is very vivid and lifelike and done in amazing facsimi-
le to the actual note. Figure Eighteen is a limited edition facsimile art print of
well known Bank Note tobacco art labels with his BUREAU OF ENGRAV-
ING AND PRUSMACK imprint and signature below.

About a week after he had his operation this past January, Tim called us.

This was the day before he passed away. He told us that everything was going
well, and he was anxious to get back to work on more Money Masterpieces.

He mentioned resuming his work on the statehood fractional quarter currency
series. Tim wanted to include his design in this series since the Florida quar-

dill*

278

July/August 2004 • Whole No. 232 • PAPER MONEY

Figures Nineteen

ter was to be released this year. His submitted design was one of the five final-
ists for the Florida State Quarter. In our opinion, it should have been the one
selected for the State of Florida Quarter. He also said that he was looking for-
ward to taking a table at the Pittsburgh 2004 ANA Coin Convention. He had
talked to ANA Convention Director Brenda Bishop and his table was all set to
go. Tim was also very enthused about taking a table at the 50th Anniversary
FUN Convention in 2005. This convention will be held in Fort Lauderdale,
FL. As with all of us, the ANA and FUN Boards were very saddened to hear of
the passing of Tim Prusmack.

Figure Nineteen is a photo taken by us of Tim and his mother Florence
at an ANA Convention.

Tim Prusmack’s web page summarizes his art: “He excelled in reproduc-
ing, by hand, complicated antique money, long-ago bank notes and self-
designed artistic money.” Tim’s web page brought him many customers. Tim
created his masterpieces for conventions, personal subjects he liked, and for
persons who commissioned him to do certain notes. From the local coin and
mall shows in Fort Pierce and Lakeland, FL, to the Baltimore show and
Memphis Paper Money show, FUN and ANA conventions, Tim’s Money
Masterpieces were sold at coin shows coast to coast. Litdeton Coins also sold
his Money Masterpieces through their widely distributed catalogs.

The prices of Tim Prusmack’s Money Masterpieces were very reasonable.
All of his work was in limited edition and he never made more copies if some-
thing would run out. The most expensive item he had was a S5 Chief
Onepaper/uncut sheet of 8 notes (printage 25) for $150. For many of his notes
he produced a smdio series version, (size 17 X 11; printage 50). Cost was $100
each or 3 for $250. The price for Tim’s designer, traditional, international
and statehood fractional quarter series were $25 each, or 5 for $100. His show
souvenir series were $15 each or 5 for $50.

His great Money Masterpieces will now live on forever as a lasting testi-
monial to “The Mozart of Money” Tim Prusmack. We can only think that
God had a job for Tim in his next life and took him at an early age. All of his
many friends around the United States will miss his great personality, friendly
smile and cordial welcome, kind words, generous and giving attitude, and heart
full of love and compassion. We send our love and prayers to the Prusmack
family. Rest in Peace Tim, your great masterpieces will be with us forever. ❖

PAPER MONEY • July/August 2004 • Whole No. 232

279

The National Exchange Bank of Albany

A Hat Trick of Title Layouts

By Robert R. Moon

M any collectors and researchers of paper

money agree that the era of the most artistic layouts on National
Bank Notes occurred during the early years of design of the
Second Charter Brown Backs in the 1880s. Many unique and
fascinating title layouts, such as the "Circus Poster Layout" are favorites in the
collecting fraternity today. However, as well-known author Peter Huntoon has
noted, by the 1890s, the engravers at the Bureau of Engraving and Printing
(BEP), were moving toward a more uniform and standard (and less exciting)
design on the National Bank Notes of the day.

Because of this transition to standardization, it is not unusual to find $5
Brown Backs that will feature two different title layouts on a particular bank.
An earlier note will display a layout with a more artistic flair, while a later-
issued note on the same bank will have a more generic "tombstone" style layout
as times changed at the BEP.

However, I recently acquired a $5 Brown Back note on a bank from
Albany, NY that really made me sit up and take notice. I already knew of two
different title layouts on this particular bank, but this note had a totally differ-
ent third title layout. While the bank had issued Brown Backs for a full 20
years, it never experienced a title change and yet the BEP had used printing
plates for the bank with three title layouts.

Figure 1 shows the first title layout used by the National Exchange Bank
of Albany. Note the "stacked" signatures of the treasury officials that was the
style on early Brown Backs. This note is from Plate Position A meaning it was
printed from a four-subject plate using the A-B-C-D plate positions. The note
also features the signatures of bank president John D. Parsons, Jr. who served
from 1887 to 1904 in that position and Jonas H. Brooks, cashier of the bank
from 1885 to 1889.

In Figure 2, note that the treasury signatures are now of the "in-line"
format used on new plates designed after 1886 and, of course, the title layout
has been significantly changed. This note is from Plate Position G meaning it
was printed from a four-subject plate using the E-F-G-H plate positions. John
J. Gallogly has replaced Mr. Brooks as the cashier of the bank. He served from
1890 until 1904 when he became the Vice-President of the bank.

Figure 3 shows a note using a title layout that is common to many Third

Figure 1 . The first plate
used by the National
Exchange Bank for the
issue of $5 Brown Backs.

280

July/August 2004 • Whole No. 232 • PAPER MONEY

Figure 2. The second
plate used by the
National Exchange Bank,
(illustration courtesy of
Tom Minerley)

Q2&

[ ■ ■ 5tiVrM>NAia_ '^

'(tim pail ilirhl'aH-l an Orniaiiil

wZ>a. tSlKW

Figure 3. The third plate
used by the National
Exchange Bank, (illustra-
tion courtesy of Allen
Mincho and Currency
Auctions of America)

Charter notes. This note is from Plate Position J meaning it was printed from a
third four-subject plate produced for the bank using the I-J-K-L plate posi-
tions. This note also has the same bank officer signatures as the previous note.

WTiile this "hat trick" scenario may seem plausible for a big-city bank
that issued hundreds of thousands of Brown Backs and wore out numerous
printing plates, it is a bit surprising for a small-city bank that issued just over
20,000 sheets of $5 Brown Backs. Based upon my examination of the serial
numbers of known notes on this bank, the first plate was used for at most 5,000
sheets while the second plate was used for at least 11,000 sheets before it was
replaced. The third plate was then used to print at most a few thousand sheets.
All three plates use the same Bruce-Wyman treasury signatures and the same
plate date of January 2, 1885. This appears to be an interesting footnote to the
design of National Bank Notes. Does anyone know of a similar situation on
another bank?

Background of the National Exchange Bank

The National Exchange Bank of Albany was chartered in 1885 and
assigned Charter # 3282 as a successor bank to the liquidated National Albany
Exchange Bank (Charter # 739). The bank had originally opened its doors in
1838 as the Exchange Bank of Albany. Located at 450 Broadway, the National
Exchange finally closed its doors on April 29, 1907, when it was acquired by
the First National Bank of Albany (Charter # 267).

As is typical of so many banks today, the First National itself went
through a series of mergers and acquisitions. In 1926, the First National
merged with the Albany Trust Company to form the First Trust Company of
Albany. Later, in the 1970s, the First Trust Company was acquired by the
Bankers Trust Company which, in turn, was later acquired by Key Bank.

281

PAPER MONEY • )uly/August 2004 • Whole No. 232

Note-issuing Analysis

The National Exchange Bank issued notes from 1885 until its closure in
1907. For 20 years, it issued Second Charter Brown Backs (including 20,310
sheets of S5 Brown Backs ) and then from 1905 to 1907, the bank issued Third
Charter Red Seal notes. As of 1910, there was $13,850 outstanding on the
bank.

I have currently documented the existence of 1 0 notes on the National
Exchange Bank of .Albany which is a slight increase over the three reported in
Don Kelly's 1997 edition oi National Bank Notes: A Guide with Prices. They are
as follows:

Series 1882 $ 5 BB

S/N2531-A

XF

Series 1882 $ 5 BB

S/N S359-F

F-VF

Series 1882 $ 5 BB

S/N 5965-H

VF-XF

Series 1882 $ 5 BB

S/N 1 1052-F

F-VF

Series 1882 $ 5 BB

S/N 16164-E

F

Series 1882 $ 5 BB

S/N 19471-J

VF

Series 1882 $ 10 BB

S/N 7620-C

VG-F

Series 1882 $ 10 BB

S/N8611-B

VF

Series 1882 $ 20 BB

S/N 13977-A

F

Series 1 902 $ 5 RS

S/N 178-D

VG-F

collection of the author
R. M Smythe auction June 1997
Currency Auctions of America Jan. 2004
Lyn F. Knight auction Nov. 2002
collection of Tom Minerley
Currenq' Auctions of .America Jan. 2000
Hickinan-Oakes auction Nov. 1988
Currency Auctions of .America Jan. 2000
collection of Tom Minerley
eBay Internet auction August 2002

If anyone knows of any other notes existing on the National Exchange
Bank, the information would be greatly appreciated. I would also like to thank
•Allen Mincho of Currency Auctions of America and Tom Minerley for their
permission to publish photographs of their notes for this article.

Sources

Hickman, John and Oakes, Dean. Standard Catalog of National Bank Notes. lola,
WI: Krause Publications (1990).

Huntoon, Peter. United States Large Size National Bank Notes. Laramie,
Modem Printing (1995).

Kelly, Don C. National Bank Notes: A Guide With Prices. Oxford, OH: The
Paper Money Institute, Inc. (1997).

Peltz W. L. L. The Banks and Savings Banks of Albany, New York. New York:
The American Historical Company (1955). ❖

Friedbergs release 17th Edition of Paper Money of the

US

HE 50TH ANNIVERSARY EDITION OF THE
classic work on U.S. federal currency. Paper Money
of the United States, has been released by its publisher
The Coin and Currency Institute.

Originally authored by Robert Friedberg (1912-
1963), PMUS set the standard in this field and its num-
bering system became the universal nomenclature for
identifying U.S. currency. Since its original author’s
death, tlie work has been extensively revised and updat-
ed by sons Arthur and Ira Friedberg. Contributions by
scores of prominent dealers and collectors have con-
tributed to its thoroughness and dependability through
its successive editions.

Any work that has managed to captivate and define
an evolving collector series as diverse and popular as
U.S. currency for a half century hardly needs introduc-
tion to readers of Pape?- Money. Coverage includes all
classes of U.S. notes from Colonials and Continentals to
modem small size FRNs, plus such byways as encased
stamps and Confederate currency. Complete lists of
national banks and currency signers supplement text.

Improved typography, graphics and a special section

of large size type notes in full color augment the presen-
tation in this edition. Thoroughly updated catalog
prices and up-to-date coverage is also provided. Notes
illustrated in the color section include items from the
Aubrey Bebee collection at the ANA museum and selec-
tions from the FRB of San Francisco collections.

The 330+
page hardcover
book is available
generally from the
trade as well as
general book out-
lets. It also may
be ordered from
its publisher, FOB
1057, Clifton, NJ
07014 or toll free
at. 1-800-421-
1866. Price is
$42.50 (NJ resi-
dents add 6% tax).

— Fred Reed ❖

Paper Money

of the United States

ftOM COlONIAl TIMIS TO tHt AfttSf MT
TH€ STANDABO BCffBCNCI WOAK ON AAAIR MONCV
A COMPlfTC lUUSrtATIOCUIOt WITH VAtUATlONS

• Large size notes • Fractional currency
• Small size notes • Encased postage stamps
• Colonial and Continental currency
• Confederate States notes

Arthur L. and Ira S. Friedberg

tA«IO ON THI OBICIHAI WOIK •« tOAIBT fBItOBIBC

282

July/August 2004 • Whole No. 232 • PAPER MONEY

Minutes

Society of Paper Money Collectors
November 21, 2003
St. Louis, Missouri

Board Present: Mark Anderson (via telephone), Benny Bolin,
Ron Horstman, Tom Minerley, Fred Reed, Bob Schreiner,
Wendell Wolka

Board Absent: Frank Clark, Bob Cochran, Gene Hessler,
Arri Jacob, Judith Murphy, Steve MTiitfield

Guests: none

The meeting was convened at 7:30 a.m. by President
Horstman.

Minutes of the last meeting at the Memphis show June 14,
2003 were approved (without motion).

Reports

ning the NLG Best Club Pub award, however, our streak was
snapped when NLG did not to make an award in our category.

Annual ESSay Contest: “M4; My Most Memorable Money”
e$$ay contest was a considerable success. He recommends
that we make this an annual event.

The Reader Survey indicated that readers want more access to
the information we provide and an expanded publication if
possible. They also want more ads selling material they can
buy, and seem willing to purchase a separate newsletter, too.

Advertising receipts are ahead of this time last year. The "On
this Date in Paper Money History" column is already popular
with readers and with advertisers. R.M. Smythe has already
purchased sponsorship of one of the two pages in each issue.

We have not yet implemented the Sponsored Membership
Program outlined in "A Modest Proposal" but expect to be
doing so soon.

Ad Manager’s Report (Wolka). See new business.

VP’s Report (Bolin). No report.

Treasurer’s Report (Anderson). We continue to be in good
financial health. An unanticipated cost overrun in producing
the new Mississippi book resulted in a loss of $745.

Secretary’s Report (Schreiner). As of November 19, 2003,
we have 1,639 total members, including 308 life and 10 hon-
orary life. Of the 1,321 regular members, 718 are paid
through 2004 (dues are continuing to arrive). A reminder to
unpaid members will be sent before the end of the year.

Publisher/Editor’s Report (Reed). Special Issues of Paper
Money: Special Issues for 2004 will be Obsolete Notes (f/F);
National Currency (M/J); and Small Size U.S. Currency (S/0).
.Additional sp>ecial issue topics on Mormon Currency, Military
Currency, and Rail Road Currency' have been identified and
excellent manuscripts secured. Don Kagin's War of 1812
manuscript is in production, but continued health problems
have side lined Forrest Daniels' companion manuscript.

For the third year in a row. Paper Money won the ANA Best
Specialty Publication Award. After three straight years win-

Membership Chairman’s Report (Clark). Frank Clark sent
a report. Top recruiters for new SPMC members from May
14, 2003 - November 18, 2003 were the SPMC website, Tom
Denly, Frank Clark, Bob Cochran, and Allen Mincho.

Librarian’s Report (Schreiner). The library is fully opera-
tional, but litde used. Eight books have been checked out and
50 pages of Paper Money copies requested since June 2003.
One new book was purchased. The library catalog is on the
web as is George Tremmel’s “Paper Money Index”.

Wismer Project Chairman’s ReportlVATiitfield). Steve
Whitfield sent a report. Status of future projects: no new
report on New Hampshire (Bowers) or Missouri (Newman).
Ohio (Wolka) may be ready by Memphis, 2004. Neil Shafer
and others working on Depression Scrip, 1884, 1893, 1907
and 1914.

The Mississippi book has been published/distributed. He
reported there were problems with the computer files, leading
to use of “camera ready” hard copy. There were also unantici-
pated final charges by printer, which affected final costs. It
was also a mistake to not provide quantity pricing to dealers.

He recommends;

a. Establish a committee, respon-
sible for pricing/advertising/press
releases. Determine # to print.
Include mail costs and any dealer
quantity discount/case.

b. Have manuscript complete and
OK’d by publisher before costing.

c. All orders go to Treasurer, pre-
paid with reasonable cut off date.

Board members (L-R) Wendell
Wolka, Benny Bolin, Ron Horstman,
Tom Minerley and Fred Reed at the
St. Louis meeting discuss the fine
points of a proposal (All photos by
Bob Schreiner)

PAPER MONEY • July/August 2004 • Whole No. 232

283

d. Confirm publisher’s estimate, frequently during the
process.

e. Could price at or above $50 a copy in advance, or pick a
number to print, like 200 and stick with it. Board should
actively sell the 200 copies.

f. .'Ydd cop)Tight and SPMC application to book

In resulting discussion, members reported that Eric Newman
is not expecting to produce a Missouri book. Ron Horstman
is working on one, but not with state- wide scope, and he will
self-publish. Roger Durand has said he will help with future
Wismer projects.

Regional Activities Chairman’s Report
(Murphy). Judith Murphy sent a rejjort.

John Wilson presented at the AN.A sum-
mer convention. There will be a presen-
tation at FUN in January, TBD. Kevin
Foley will talk about auctions at CPMX
in February.

1929 Project Chairman’s Report. Ari
Jacobs agreed in June 2003 to take over
this project, which was reported to be in
disarray. It is unclear if he will do this.

Tom Minerley offered to take the pro-
ject. We discussed the need— others are
working in this area.

Webmaster’s Report (Schreiner).

Schreiner recently assumed this responsi-
bility from Wendell Wolka. He repotted
that these features have been added or
updated:

• List of counterfeit national bank
notes as compiled by Ron Horstman
from public sources

• Wait prize announcement

• Board member candidate annoimce-
ment

• Member surv'ey results

• Current MS book information

• Contents of current Paper Money

• St. Louis meeting information

• Links to other organizations updated

• Contact information for some board members updated

Education Committee Chairman’s Report (Bolin). There
was a review of funds provided recently to the ANA for the
Summer Seminar, the Smithsonian for exhibits, and to Peter
Huntoon for research. We have received an adequate
accounting of use of those funds except from the Smithsonian;
their report still pending. .Anderson suggested that we need to
more carefully distinguish between educational funds and the
Wait award. Murphy has the Maverick cards. Three have
been awarded to runners up in the recent eSSay contest.

Awards Committee Chairman’s Report (Wolka). The
committee provided an extensive separate report, with major
contribution from Fred Reed. The awards program is confus-
ing with many awards in some narrow areas but other areas
with few awards. The program needs greater differentiation.
The physical objects used for awards need improvement— they

are now mostly mugs. Several possibilities were presented.
The report asked for:

1 . More member awards for publication in areas of interest
as identified in the recent member survey.

2. Reinstitute membership cards.

3. Create a Founder’s award.

4. Step back and take a holistic view of the entire program.

I'here was a motion to approve a $500 expenditure for the
design of an appropriate graphic for a medallic award, designer
to be sought by Reed. Create a Founder’s Award as the
SPMC highest award; criteria to be developed. Motion by

Reed, second by Wolka,
unanimous approval.

The Board approved naming
the Memphis Best in Show'
exhibit award after Steven R.
Taylor (deceased). Morion
by Reed, second by Wolka,
unanimous approval.

A President’s Award should
be created for presentation
at the discretion of the presi-
dent for a special recogni-
tion. The recipient doesn’t
need to be an SPMC mem-
ber.

Work on awards program
revamping wall continue.

SPMC 6000 Chairman’s
Report (Cochran). No
report. Reed noted that at
the President’s request addi-
tional information outlining
SPMC 6000 had been dis-
tributed to Board Members since the Memphis meeting.

Old business

Reed provided an extensive analysis of the recent Paper Money
reader survey. Completed surveys were available for Board
Members to examine.

Ron Horstman created a listing of known National Bank
Note counterfeits from public sources. It is on the SPMC
web. He wall seek to publicize this in Bank Note Reporter, per-
haps via an editorial.

New business

North Carolina Wismer project. Schreiner presented a
detailed proposal (Murphy, although not present, was a co-
proposer) to designate Paul Homer and Jerry Roughten as co-
authors for a NC Wismer project. He circulated copies of
their current periodical, the North Carolina Numismatic
Scrapbook. The Board moved to designate Horner and
Roughten as NC Wismer authors, and to provide support to
be determined. Motion by Schreiner, second Bolin, passed
unanimously.

SPMC President Ron Horstman presents an illustrated
lecture at the membership forum during the St. Louis
paper money show.

284

luly/August 2004 • Whole No. 232 • PAPER MONEY

Steve Whitfield (L) accepts the "Numismatic Ambassador" award
from Krause Publications' Dave Kranz at St. Louis.

Change in bylaws. Bolin offered a bylaws change, as follows:

SECTION 3. b. The President, or a quorum of the Elxecutive
Board, may call for a mail or telephone poll of the entire
Executive Board, in lieu of a meeting, in such matters as may
be deemed too important to wait for a regular or special meet-
ing. Responses from a quorum must be obtained in order for
any decision to be made. In such cases, a majority vote of the
Executive Board shall govern.

be retained by the secretary until it can be introduced into the
official minutes of the board at the next meeting.

.\fter some discussion, the Board decided to change three in
“If at any time three members of the board....” to six. Motion
by Bolin, second Wolka, passed unanimously.

Paper Money page increase. Tabled at the last meeting:
Reed a.sked that we consider increasing the page count for
Paper Money. Currently, we produce three 48 page and three
80 page issues per year.

Reed proposed that we add pages to each issue. Anderson said
this would add to costs, but that we could sustain the added
cost. He wondered if this was the best use of SPMC funds in
terms of member benefits. Additional discussion led to a
motion by Wolka, second Minerley, to increase the three
shorter issues to 80 pages each. Passed 6-1.

New member brochure. Reed suggested that the current
brochure be updated, and offered to do this. Motion by
Wolka, second Bolin, passed unanimously.

Converting Paper Money back issues to CD. Schreiner
proposed that with member Tom Carson, co-author of the
new Chattanooga ebook, we transfer PM to word searchable
CD, and sell it, but not by subscription. He estimated that the
development cost would he about $2,000, with significant con-
tribution to the project hy Carson, who is an expert on such
technology, and who has appropriate equipment. Each copy
can be produced for about S3, on demand. The ehook would
be easy to update at negligible cost as new issues are published.
The Board expressed interest, but asked Schreiner to investi-
gate copyright issues before a formal approval.

Web hosting. Schreiner proposed that we purchase our own
well host rather than use web space provided as a courtesy by

The President, or a quorum of the Executive Board, may call
for a mail, of telephone poll or electronic vote of the entire
Executive Board, in lieu of a meeting, in such
matters as may be deemed too important to
wait for a regular or special meeting or for
matters in which a more timely response
would benefit the society. Requests for such
action are to be made to the President who
will decide whether or not to put the matter
up for vote. If the matter is put up for vote,
the president will state the motion and ask for
a second. If received, a period of seven days
for discussion will be given. If at any time
three members of the board request tabling of
the item, it shall be tabled and not reopened
until the next regular board meeting. At the
conclusion of the discussion period, the presi-
dent will call for a vote. Responses from a
quorum must be obtained in order for any
decision to be made. In such cases, a majority vote of the
Executive Board shall govern. All items decided, either posi-
tively or negatively, in this manner will be recorded by the sec-
retary’ including the motion and who made it, the name of the
second and a symopsis of any discussion followed by a roll-call
type recording of members and their votes. This record will

member Glen Johnson. We will gain many web benefits:
Bulletin board, member email list, online forms, email
accounts, detailed use statistics, subdomains, password directo-
ries (e.g., a private place for board mater-
ial), and more space. Cost is $8/month.
Board approved without motion.

Member advertising. For member

Bob Cochran listens attentively to the edu-
cational speaker at the membership meet-
ing.

recruitment, Wolka recommends that we
advertise in the the Numismatist for three
issues; advertise in Bank Note Reporter on
a one time spot basis, yearly; and in the
American Philatelic Society publication
classified ads. Ads should be coded to measure response.
Total cost about $1,331 annually. These measures were
agreed to without motion.

We adjourned at 9:30 a.m.
Recorded by Bob Schreiner

PAPER MONEY • July/August 2004 • Whole No. 232

285

On This Date in Paper Money History -- July 2004

By Fred Reed ®

luly 1

1867 U.S. Coupon Bonds bear motto "In God Is Our Trust": 1889 William Morton
Meredith becomes BEP Director; 1922 Congress extends NB charters by 99 years;
1951 BEP begins charging Fed and PO commercial rates; 1983 End of Regan-
Buchanan tenure; 2001 ANA Prexy and paper money exhibitor Stephen Taylor dies;
luly 2

1775 Signing of the Declaration of Independence IFR 452-463); 1931 SPMC member
Harold Don Allen bom; 1935 President Roosevelt approves $1 note back design;

1999 Senate confirms Lawrence Summers as Treasury Secretary;
luly 3

1790 City of Albany, NY issues scrip; 1853 Union general George Meade IFR 379a-di
triumphs at Gettysburg; 1961 REP'S William S. Fleishell III bom; 1974 First printing of
Series 1974 FRNs; 2003 Philadelphia Fed opens 'Money in Motion" exhibition;
luly 4

1 836 Construction of fire-proof Main Treasury Building IFR 1 700-1 708) authorized;

1862 Newport, Rl grocer William Newton circulates stamps pasted on small pieces of
paper; 1975 Select post offices open to postmark Series 1976 New Twos;

luly 5

1575 Namesake of principle 'bad money drives out good," Sir Thomas Gresham
records Will; 1944 SPMC member Ray Koladycz bom;
luly 6

1785 U.S. first nation to adopt decimal system; 1802 General Daniel Morgan, who
appears on SC notes, dies; 1934 Treasury Secretary Franklin MacVeagh dies;

luly 7

1863 Inventor George B. Isham patents a bill and currency holder; 1880 French
national lottery completes funding for Statue of Liberty; 1942 SPMC member Bill
Lonergan bom; 1945 SPMC member Larry Jenkins bom;

luly 8

1816 Alexandria, D.C. emits frartional notes: 1939 Richmond Fed President |. Alfred
Broaddus jr. bom; 1944 BEP releases last $10,000 FRNs; 1987 New Zealand Treasury
estimates dollar cirulation at six months vs. 20-30 years for dollar coin;
luly 9

1828 Artist Gilbert Stuart whose Vaughn copy of his Athenaeum portrait of George
Washington was engraved for U.S. currency dies; 1868 14th Amendment to U.S.
Constitution repudiates Confederate and southern states indebtedness;
luly to

1837 Hinkletown, PA Sunday School Society issues scrip; 1867 Oil City Burough cir-
culates $6 "checks" ; 1894 Will Low’s History Instructing Youth for $1 Educational
Note approved; 1978 SPMC amends catalog standards for future reference boob:

luly t t

1804 Treasury Secretary Alexander Hamilton (FR 1-5, 41) dies in duel with Aaron
Burr; 1861 Virginia Senator lames M. Mason, who appears on slate notes, expelled in
absentia from U.S. Senate; 1854 Greenbacb drop to 39-cents on the dollar in value;
luly 12

1 882 Congress requires NB charter » six times on note faces; 1916 SPMC member
Bob Andrews bom; 1971 Forrest Daniel submits comprehensive reorganization plan
for SPMC awards; 1989 Mid American Currency offers lake Surek Oklahoma NBNs;
luly 13

1 849 Banknote engraver Thomas Underwood dies; 1 902 SPMC founder Glenn B.
Smedleyborn; 1919 Writer Burnett Anderson bom; 1994 Cathy E. Minehan takes
office as President Federal Reserve Bank of Boston;
luly t4

1 862 T reasury Secretary Chase advises Congress to monetize postage stamps; 1 853
Banking historian William Gouge dies; 1890 Congress authorizes Treasury (Coin)
Notes (FR 347-379); 1959 Treasury announces discontinuance of $500-$10,000s;
luly tS

1 786 Gustavus Swan, who appear on Ohio notes, bom; 1 896 Series 1 896 $ 1 SC
Educational Note (FR 224) released; 1925 Engraver Marcus W. Baldwin dies; 1939

Stake your claim to this valuable advertising
space all monthlong
Special Rates Apply
Contact the Editor for Details

SPMC member Philip G. Feder bom; 1954 SPMC member Noal K. Wines bom;
luly 16

1 773 Ohio Governor Thomas Worthington, who appears on obsolete notes, bom;

1935 World's first parking meter installed in Oklahoma City; 1951 Congress grants
U.S. Secret Service pemianent authority;
luly 17

1595 Bank of Scotland founded; 1862 George Boutwell becomes first Commissioner
of Internal Revenue; 1939 SPMC member Robert). Perry bom; 1972 SPMC Editor
Barbara Mueller suggests to Board member-sponsored gift memberships to SPMC;
luly tS

1837 Washington's National Hotel circulates bit-denominated scrip; 1862 Chicago
City Railway Co. advertises postage stamps for sale for currency: 1 887 CSA Secretary
of State R.M.T. Hunter, who appears on Confederate $10 and $20 notes, dies;
luly 19

1905 ABNCo hires outside accounting firm to supervise the books: 1971 First delivery
of Series 1969A $10 FRN; 1973 Check Collectors Round Table founded; 2003 SPMC
columnist Harold Don Allen receives CNA's J. Douglas Ferguson Award;
luly 20

1 820 Tennessee Legislature establishes second Bank of the State of Tennessee at
Nashville; 1873 Treasury Secretary determines henceforth tenn United States Notes
will replace Legal Tender Notes;

Iuly2t

1 851 Confederate currency subject Thomas Jackson earns nickname "Stonewall" at
Bull Run; 1 869 T reasury Secretary George M. Boutwell sanctions use of distinctive
colored fiber paper; 1873 lesse lames commits world's fi5t train robbery at Adair,IA;

luly 22

1620 Protestant Pilgrims leave Holland (FR 440-451) invoking Divine protection; 1881
President lames Garfield (FR 466478) shot; 1944 International Monetary Fund created
by Bretton Woods Conference; 1987 SPMC updates Member Recruitment program;
luly 23

1 781 Congress guarantees loan to the citizens of Georgia and South Carolina; 1 862
Post Office officials admonish postmasters to cease supplying postage stamps for small
change; 1917 SPMC member George M. Shubert bom; 1933 Aberdeen, WA Chamber
of Commerce wooden quarter heralds U.S. frigate Constitution "Old Ironsides' visit
luly 24

1815 Richmond, VA authorizes municipal scrip; 1855 James M. Willcox patents
intrtxiucing fibers to security paper: 1875 CSA note printer Charles Ludwig dies: 1945
SPMC member Michael McNeil born; 1946 SPMC member Gregory Myers born;

2004 R.M. Smythe sale of Pierre Fricke Confederate type set collection:

luly 25

1775 New Hampshire Colonial Currency (FR NH131-135) bears this date; 1924
Legendary counterfeiter Emanuel "Jim the Penman' Ninger dies;
luly 26

1852 Treasury Secretary George B. Cortelyou bom; 1863 Senator John J. Crittenden,
who appears on obsolete notes, dies; 1918 Size of note sheets printed at BEP increas-
es from four subjects to eight subjects; 1992 Dealer Lester Merkin dies;

luly 27

1 694 Royal Charter given to the Bank of England ; 1972 Paneuropean Union founder
Richard Coudenhove-Kalergi dies;
luly 28

1830 Banking author CF. Dunbar bom; 1857 ).C. Ayer patents improved pill
machines: 1932 SPMC member Bruce Keener born; 1950 Dealer Lyn F. Knight bom;
luly 29

1 794 Ohio Governor Thomas Corwin, who appears on obsolete banknotes, bom;

1871 CSA ambassador and Erlanger Loan negotiator John Slidell dies; 1980 Pancho
Villa's paymaster & currency printer, Dr. Alberto Francisco Pradeau dies;
luly 30

1884 Last delivery of $1000 NBNs to NB of Commerce, Boston (charter 9554); 1984
SPMC Board considers book proposal by Fred Reed; 2003 BEP introduces higher
priced commemorative engraved print to replace souvenir card program;
luly 3 1

1816 General George H. Thomas (FR 359-351) bom; 1830 BEP Director Edward

McPherson bom; 1852 PMG and Internal Revenue Commissioner approve Postage
Currency design; 1914 Bremen's Buergerliches Brauhaus issues first notgeld: ❖

286

)uly/August 2004 • Whole No. 232 • PAPER MONEY

Getting Rid of Paper Money

T oday it is unlikely that the aver-

age reader of Papei- Money has any problem getting
rid of bills (referring to those without numismatic inter-
est, of course). In days past Uncle Sam had to expend
more effort. Worn, damaged, and obsolete currency and
bonds were redeemed at the Treasury Department by a
group of women who examined the items carefully and
entered them into an account book. Then they were tied
into bundles and sent to a furnace (in the early years) or
to a macerating de\'ice for destruction.

Burning worn and damaged paper money and
bonds (above) in an incinerator in the Treasury
Building, Washington, in the early 1870s. It seems from
the illustration that bills and bonds were placed intact or
in bundles into the device. In later years, bills were cut
or macerated before destruction.

The illustration at the top of the next column, from
an 1890 issue of Hai-per’s Weekly, shows what seems to
be a committee observing $570,000 in bills and bundles
of bills as they are fed into a funnel leading to a macer-
ating device.

Editor’s Note: Bert Cohen’s article on mascerating U.S. cur-
rency struck a responsive chord with several readers who sent
in period illustations of the various stages in the currency
destruction process. In addition to columnist Bowers, contrib-
utor Joaquin Gil del Real furnished period post cards similar
to those reproduced here.

“Cutting machine, U.S. Treasury, Washington,
D.C.,” is the caption on this circa 1906 postcard
(below), a very popular subject at the time, judging from
the common nature of this card today. The same image
was also used on stereograph cards and probably dates
from circa 1902-
3. Seemingly,
the man holding
the bundle of S2
bills in the jaws
of the guillo-
tine-type cutter
is in danger of
losing a couple
of sets of fin-
gers. After being
halved, the bun-
dles were put
into a macerating machine.

A box filled with bundles (presumably cut in half) of
currency is headed to the macerating machine, a device
employing hot water and cutting blades to reduce cur-
rency to
papier
mach e .

The
resultant
pulp was
some-
times
cast into
novelty
items
such as
r e p r e -

sentations of the Washington Monument, for sale to
tourists (see Bert Cohen, Paper Motley, Nov/Dec 2003).

PAPER MONEY • July/August 2004 • Whole No. 232

287

On This Date in Paper Money History -- Aug. 2004

By Fred Reed ®

Aug. 1

1852 W.P. Carpenter, Utica, NY issues scrip with image of Abraham Lincoln; 1935
Treasury recall of bonds with circulation privilege ends National Bank Note Era; 1978
UNESCO introduces dollar-denominated ‘coupons’ good for purchases worldwide;

Aug. 2

1939 Treasury Secretary )ohn Snow bom; 1979 ANA "Best of Show" honors Steve
Taylor's U.S. paper money exhibit; 1983 CSA currency expert Ben Douglas dies;

1989 Legislation introduced providing electronic scanning on notes above $10;

Aug. 3

1 851 CSA Congress amends act of March 9 to provide for $2 million interest-bearing
notes $50 and above; 1852 New York printers offer small envelopes with pre-printed
denominations to keep monetized stamps clean;

Aug. 4

1715 SC Colonial Currency (FR SC20); 1854 CSA Great Seal delivered to Secretary of
State Judah P. Benjamin; 1 932 Frank Capra's film Money (a.k.a. American Madness)
starring Walter Huston debuts; 1947 Last delivery 1934B $100 FRN;

Aug. 5

1851 Congress withdraws stipulation U.S, obligations must bear Treasury Department
seal; 1854 Naval hero David Farragut (FR 377-378) takes Mobile Bay "Full Speed
Ahead"; 1951 Fidel Castro invalidates pre-revolutionary Cuban currency;

Aug. 6

1775 Continental co-Treasurer George Clymer resigns; 1789 Bank of North America
emits small change bills; 1838 Artist Walter Shirlaw, painter of Electricity Presenting
Light to the Worfd (FR 258-270) bom; 1928 First 12-subject small size note sheets;
Aug. 7

1853 First National Bank organized in New Jersey (FNB Newark J52); 1954 SPMC
member Peter C. Papadeas bom; 1979 SPMC President Wendell Wolka warns board
of complacency in member recnjitment/retention;

Aug. 8

1781 Maryland Colonial Currency (FR MD135-138); 1953 Treasury Secretary Fred
Vinson dies; 1980 SPMC Board reestablishes annual ANA board meeting;

Aug. 9

1 835 Colonial money author Alexander Del Mar bom; 1 852 Internal Revenue
Commissioner George Boutwell advises Wilmington, DE officials against issuing
municipal scrip; 1955 BEP Engraving Director Donald R, McLeod dies;

Aug. 10

1739 Pennsylvania Colonial Currency (ER PA3841) bears this date, first to employ
Franklin's nature printing; 1821 Government bond agent Jay Cooke bom; 1845
Congress authorizes treasury wanants; 1959 SPMC member Rod Miller born;

Aug. II

1939 Collector-cataloger Clifford Mishler bom; 1954 SPMC member Lee Jackson
bom; 1967 J. Roy Pennell resigns as SPMC Secretary; 1967 SPMC presents first
Awards of Merit to Harley Freeman, Bartjara Mueller and Nathan Goldstein;

Aug. 12

1858 First Hawaiian bank. Bishop & Co. opened by Charles Bishop and William
Aldrich; 1929 SPMC member Donald L. Skinner bom; 1969 First BEP-issued numis-
matic souvenir card released during ANA Philadelphia convention:

Aug. 13

1971 BEP Director James A. Conlon tells SPMC Bureau favors $2 note, opposes multi-
colored bills; 1 971 SPMC Board approves junior memberships for 1 2-1 7 year olds;
1971 SPMC Board approves raising annual dues to $5, introducing a $2 initiation fee;
Aug. 14

1734 General Thomas Sumter, who appears on South Carolina notes, born; 1970
Bank of Scotland introduces 5-pound note depicting poet Sir Walter Scott; 1978
NASCA sale of Wayte Raymond foreign banknotes and medals begins;

Aug. IS

1 723 Court of Quarter Sessions, Bristol, CT issues arrest warrant for note forger Mary

Butterworth; 1969 SPMC awards HMs to Bob Medlar, Charles Affleck and George
Wait; 1985 Check Collectors Round Table seeks merger with SPMC;

Aug. 16

1841 White House riot stemming from Tyler's veto of Third Bank bill leads to
Washington, D.C. police force: 1974 SPMC Board approves University Microfilms to
reproduce PM; 1983 SPMC Board ratifies contract with Dover Litho Printing Co.;

Aug. 17

1837 Virginia Governor John B. Floyd, who appea5 on state notes, dies; 1955 SPMC
member Thomas A. Kuss bom: 1979 SPMC Board establishes Best of Show Award;
Aug. 18

1775 Massachusetts Colonial Currency (FR MA158-173) bears this date; 1928
Grinnell, Wismer, Blake, Morse, Sears exhibit paper money at ANA convention; 1972
SPMC President unveils Society logo, currency peeled from printing plate;

Aug. 19

1817 Gregor MacGregor issues notes for 6 1/4 cents at Fernandia, Amelia Island,
Florida: 1951 SPMC member Greg Hair bom; 1956 Dr. Herbert Eccleston receives
Fred Marckhoff Literary Award ($10 gold piece) for best Paper Money article;

Aug. 20

1722 First engraver of American paper money John Coney dies; 1776 Congress rejects
initial design for Great Seal, but retains ‘E Pluribus Unum’; 1833 Union general and
President Benjamin Harrison (FR 587-512) bom;

Aug. 21

1879 Engraver Christian Schussele dies; 1964 Forrest Daniel receives Ben Douglas
Literary Award ($10 gold piece) for best Paper Money article; 1975 6NR-SPMC
Nathan Cold award presented to Dr, Albert Pick;

Aug. 22

1937 SPMC member Jim O'Neal born; 1968 SPMC OKs printing Bob Medlar's Texas
catalog; 1978 SPMC Board abandons a unified paper money grading system; 1978
SPMC Board considers but does not OK an annual Bill Donlon Memorial Award;

Aug. 23

1824 Banknote designer Henry Herrick bom; 1888 BEP Director Alvin Hall bom;

1930 Albert A. Grinnell and Roltert H. Lloyd exhibit paper money at ANA convention;
1934 SPMC member Jim Pittman bom; 1945 SPMC member Leo Alukonis Jr. born;

Aug. 24

1852 Ohio Governor Joseph Vance, who appears on obsolete banknotes, dies; 1958
SPMC memtrer Wayne Homren born; 1973 Date of organization *1961' added to
SPMC logo by SPMC Board; 1973 SPMC raises dues to $8/year;

Aug. 25

1917 ANA President H.O. Cranberg displayed proof and essai notes up to $5,000 face
value at Rochester Memorial Art Gallery; 1937 SPMC member Ron Benice bom; 1977
SPMC Board establishes revolving Wismer Fund, raises dues to $10;

Aug. 26

1921 Tom Elder sells Lewis C. Gehring paper money collection; 1976 8NR offers
SPMC monthly page as membership tool; 1975 SPMC joins Syngraphic Liaison Croup;
1978 SPMC's Gerome Walton receives first Wayte and Olga Raymond Literary Award;
Aug. 27

1855 Comptroller of Currency Charles C. Dawes bom; 1955 Dealer Mike Brownlee
donates Texas notes for charity raffle at SPMC banquet (forerunner of Tom Bain auc-
tion); 1955 SPMC Board approves "SPMC" as the official Society logotype;

Aug. 28

1792 Presbyterian Congregation, Troy, NY issues scrip Ip to 4p; 1845 Engraver Robert
Ponickau Ixtrn; 1945 SPMC member John Litchfield bom; 1945 Engraver Kenneth
Kipperman bom; 1975 First posthumous Zerbe Award recognizes Maurice Could;

Aug. 29

1852 Beginning of treasury's National Currency Bureau when clerks cut and trim
notes; 1931 Cincinnati Numismatic Assoc. President H.A. Brand catalogs Queen City
cardboard money; 1974 First delivery of Series 1974 $50 FRN;

Aug. 30

1801 Colonial paper money enthusiast Joshua 1. Cohen bom; 1852 New York Tribune
Editor Horace Greeley praises encased stamps as substitute for small silver coins;

Aug. 31

1839 First officials move into the new main Treasury building; 1877 Fractional
Currency paper contract with T.M. Willcox & Co. expires; 1953 Last delivery 1950
$20 FRNs; 1954 Last delivery 1953C $5 SCs; 1955 Last delivery 1950D $5 FRNs; ❖

288

luly/August 2004 • Whole No. 232 • PAPER MONEY

Waterman Lily Ormsby» Idealist

Q. David Bowers

Introduction

I N MANY FIELDS OF COMMERCIAL ENDEAVOR, PARTICI-
pants can be divided into scientists and inventors and, usually separately,
successful businessmen (or women). Sometimes the W'ain do meet, as
with Thomas Alva Edison or Edwin Land, but such seems to be the
exception rather than the rule.

In the field of 19th century bank note engravers of the pre-Bureau of
Engraving and Printing era, the figure of Waterman Lily Ormsby looms large.
At once he was a brilliant inventor, skilled mechanic, gifted artist, talented
writer, and potential business mogul.

From his viewpoint his inventions and innovations reduced the accom-
plishments of his rivals in the bank-note engraving and printing business to
mere amateurs. He compiled a long listing of their mistakes, missteps, and
poor practices, making their printed bills easy to counterfeit. On the other
hand, nobody but nobody could or ever did counterfeit a “unit system” note
devised by Onnsby.

However, there was a problem; Despite his having built dozens of better
bank-note printing mousetraps, the world did not beat a path to his door. His
competitors dismissed him as an eccentric, and most of his business prospects
placed their orders with the likes of the American Bank Note Co. instead.

In April 1862, Ormsby reiterated his own brilliance and the merits of his
system and, to inform naive bankers around the country, carefully catalogued
the poor systems used by his competitors, in a 45 -page publication titled
Cycloidal Configurations, or the Harvest of Counterfeiters, with the continuing sub-
title, “Containing Matter of the Highest Importance concerning Paper Money,
also Explaining the Unit System of bank note Engraving.” The imprint was of
W.L. Ormsby, Proprietor of the New York Bank Note Co., 50 Wall St.

These sample paragraphs give an idea of his tone:

But it is not true that I am thus ignored in my profession as my rivals would
have the public believe. The fruits of my labors are everywhere where engratdng
is used. There is hardly one in the profession unindebted to my inventions for
the facilities of carrying on his business, and even the monopoly engraving com-
panies, employ to this day, machines invented by me, and often parade as speci-
men sheets, work executed by me twenty years ago, and much inferior to my later
productions. It will be found, too, that my latest improvements have been
infringed upon, without credit.

I allude to the work of the Kaleidograph, which is the only new quality of
Engraving that has been invented since the year 1818; and which is peculiarly
valuable for Bank Note purposes as affording a substitute for Geometrical lathe
work equally beautiful and more secure against counterfeiting. The texture of its
work is as readily distinguished from lathe work, as that of silk is from cotton
goods.

PAPER MONEY • July/August 2004 • Whole No. 232

289

Ormsby’s Early Life

W.L. Ormsby, as he signed himself in his works, was bom Waterman
Lily Ormsby in 1 809 at Hampton, CT. Of his early life he disclosed little in
his abundant writings, but we know that he showed an aptitude for art and
mechanics. As a teenager in 1825 he was a “young blacksmith in William
Cobb’s shop” in Rochester, NY. It would seem that this was his intended
career. However, he seems to have aspired to higher art than that afforded by
the forge and anvil.

In 1829 he was enrolled in the National Academy of Design, apparendy
seeking competency in engraving. Around the same dme Tracy R. Edson, later
(1860) named as the president of the American Bank Note Co., “and the writer
were boys and fellow apprentices together in 1827, ’28, ’29, and ’30.”

Tracy Edson went on to a highly successful, if somewhat checkered busi-
ness career, the latter arising from his complication, per a congressional inves-
tigation, of trying to bribe a certain Treasury Department official — with the
hope of shutting down the government Currency Bureau that was engaged in
printing Fractional Currency in Washington. However, Edson’s biography is
not further relevant here.

On his part, Ormsby’s innate skills became apparent, and soon he pro-
duced illustrations from engraved plates, some in Albany, NY, and odiers for
the firm of Carter, Andrews & Co., of Lancaster, MA.

In 1841, Longworth’s New-York Directory listed him as William [sic] L.
Ormsby, engraver, 142 Nassau Street.

Ormsby, Bank Note Engraver

By his own account, in 1842 he began the business of bank note engrav-
ing. No listing of his work has ever been compiled, but the relative scarcity of
his bills today suggests that he was not among the volume producers in the
field. In 1 844 he engraved the plate to produce one of two stamps used by the
American Letter Mail Co., a private post. He signed the work at the bottom
edge, “Engraved by W.L. Ormsby.”

He also became a fluent writer, either from training or innate ability, and
in print expressed himself clearly and in a highly readable manner, often inter-
weaving classical references, metaphors, and philosophical tidbits. It is clear
that he was a student of human nature. At the same time he was a curmud-
geon, as noted in the preceding text, never losing an opportunity to criticize
the actions of others, particularly his competitors, who as a class he viewed
incompetent, immoral, or both, sacrificing art for profit.

Face and back (following) of a “Unit System” bill created by W.L.
Ormsby, this from an 1854 broadside illustrating certain of his innovations.

290

July/August 2004 • Whole No. 232 • PAPER MONEY

The concept proposed that the face of a bill be dominated by a scene that
was unique for a given bank and denomination. That is, the same illustration
would not be used on any other value of bill nor would it be made available to
any other customer. The back consisted of the bank’s name plus a repeated
number or letters referring to the denomination in question, here many O, N,
and E letters. Accordingly, altering the bill to another value or to represent
another bank was virtually if not completely impossible.

With such a system, Ormsby felt that bankers from all over the country
would abandon their relationships with other bank note companies and flock to
him. Reality proved to be somewhat different. (Courtesy of Eric P. Newman)

Bank Note Engr aving (1852)

In 1852 his impressive book. Bank Note Engraving, was published in New
York and London, an exposition of the title subject that remains definitive
today. At the time he was at 12 Vesey Street, close to the famous Astor House
hotel. During the era he was riding high, enjoying a fine reputation earned
from producing many high-quality illustrations for books as well as labels and
other works. He used as his trade style. New York Bank Note Co., several
times observing that it was not incorporated, probably a reflection of his dis-
dain for corporations and “big business.” Ormsby felt that the field belonged
to artistic engravers, and he railed against corporate executives who simply pur-
chased groups of dies made by others, and used them to produce new notes,
scarcely with an eye to quality or tradition.

This work is valuable per se for the basic information it gives on engraving
and bank note printing, and was written especially for bank directors and offi-
cers. His competitors are described as having poor processes and with little
knowledge to create notes that could not be easily counterfeited. In contrast,
Ormsby’s methods were described as absolutely foolproof, a counterfeiter’s
nemesis.

Despite Ormsby’s highly readable text and, in many instances, logical
conclusions, bankers did not flock to bis door to utilize his “unit” or whole-
vignette method of engraving. Under this process, the entire face of a note
would be devoted to a specific scene — such as goddesses or a landscape —
unique to a specific bank and bill denomination. In that way, a bill could not
be altered to another denomination, as this would involve re-doing the entire
plate. Nor could the bills of one bank be altered to give the name of another,
for no other bank would have the same vignette.

The book achieved limited distribution in its time, and may have been
used by Ormsby to solicit business, rather than published as a trade book. One
particular copy was presented to Franklin Pierce, of New Hampshire, presi-
dent-elect of the United States, via this letter:

PAPER MONEY • July/August 2004 • Whole No. 232

New York Jan 31 1853
Dear Sir:

Allow me to present you with a copy of my late work on Bank Note
Engraving which will explain the cause of the vast amount of counterfeiting in
this country. This is the first publication on this subject, and it is daily growing
more and more important to every person in the community.

I beg permission to call on you, at some future dme, when my plans for
constructing bank notes to prevent forgery are mature, that I may have an oppor-
tunity of convincing you of the utter insecurity of our present paper money, and
the necessity of Legislative action on the subject.

At present I will only ask your attention to the important requisites of a
Bank Note which constitute its value - there are but two - first that the Bank be
good - second that the note be genuine. The people loose [sic] more by counter-
feiting money than by broken banks. It is therefore of as much importance to the
poor people to have the note genuine as it is to have the Bank good.

It is my object and aim to instruct the people in the art of Bank Note
Engraving to the end that our General Banking Laws may be amended, so that
they should define no less particularly the manner in which a note must be
engraved than the manner in which the bank must be organized.

Many of the counterfeit bills in circulation are absolutely the work of the
original engravers. Counterfeiters obtained their work in spite of their utmost
efforts to prevent it This is all owing to the patch-work system of constructing
the note and the use of dies in the engraving of plates.

My plan is to have a Bank Note one design or picture, with all the lettering
interwoven in it The whole to be engraved on the plate by the hand of the artist
with out the use of dies. A counterfeiter then would be obliged to do the work
himself instead of employing others who do not know for what purpose their
work is to be used.

On turning to page 52 you will learn how a counterfeit plate of a five hun-
dred dollar Treasury note was engraved for a counterfeiter by the very engraver
who executed the original plates! Such things have ffequendy occurred - the mat-
ter is seriously alarming to every business man. Any encouragement which I may
receive from you will be gracefully received by
Your most obedient humble Sevt,

W. L. Ormsby

The flyleaf of this copy is inscribed, “Presented to Gen. Frank. Pierce by
his humble Sevt. The author W.L. Ormsby.”

Ormsby’s Inventions

By 1 862 he claimed these inventions;

1. Ruling machine for straight and waved lines: 1832

2. Ruling machine for medallion, upright: 1833

3. Ruling machine for medallion, horizontal: 1834

4. Automaton operator of the above: 1834

5. Hardened steel dies for Iris Buttons made with the above: 1835

6. Machine for engraving on Colt's pistols: 1836

7. Machine for registering the movements of bank note printing presses:
1839

8. Kaleidoscopic combinations of geometrical lathe work: 1839

9. Improvements on the Bogardus transfer press: 1 840

10. The grammagraph for engraving map letters: 1841

1 1. Machine for engraving piano and carriage plates: 1842

12. Machine for engraving on metal combs: 1842

13. Engravers' rolettes: 1844

14. The Kaleidograph: 1846

15. Mathematical instrument for turning minute circles and ovals: 1849

1 6. THE UNIT SYSTEM of engraving bank notes: 1851

17. Geometrical lathe combining the Rose engine: 1854

292

July/August 2004 • Whole No. 232 • PAPER MONEY

18. Machine for engraving on wood; 1855

19. Machine for engraving on pencil cases: 1857

20. Machine for engraving on locket and watch cases: 1858

2 1 . Ruling machine combining cycloidal, geometrical, straight, and waved
lines: 1858

22. Improvement in engraving metal signs: 1859

23. Machine for printing steel plates in two or more colors: 1860

24. Kaleido Mosaic Engraving: 1861

Concept of the Unit System of Bank Note Engraving

The “Unit System,” first advanced in 1852 by Ormsby in Bank-Note
Engraving, was Ormsby’s logical idea of devoting a single large vignette across
the front of a bill, such vignette to be unique to a given bank and denomina-
tion. Accordingly, no similar bills existed on other banks, to be altered, and the
raising of a denomination would be noticed immediately, for the rest of the bill
would be wrong.

Then and today, the idea seems to be perfectly logical. In the 1850s there
were various general methods of creating bank notes, of which the following
were the most popular. As the comparisons may be of general interest to pre-
sent readers, I illustrate examples and give my comments as to the advantages
and disadvantages of each. The terms are mine, as there was no standard
nomenclature in place at the time.

y'/ j /• §/' ■ ^ t

yKV/r/-if- ^ •

rr//,-

l*n-/

Engraved Text Plate

This early $4 bill of the Cheshire Bank, Keene, NH was printed from a
hand-engraved copper plate. At the upper left is a small vignette. Many bills
of state-chartered banks of the late 18th and very early 19th centuries are from
such plates, before the Perkins plates became popular.

Advantages: Such plates could be engraved and printed inexpensively and
often with local or regional talent.

Disadvantages: Counterfeiters could and did reproduce such plates with
ease. In the absence of distinguishing features (except for the tiny vignette) this
bill was not particularly distinctive and would be difficult to describe in a list of
suspicious bills.

Early Slug Plate (Perkins System)

Jacob Perkins of Newburyport, MA invented and popularized the slug
plate, whereby openings were left in the face of the plate to permit insertion of
a bank’s name and town. At the left the emblem indicates that this plate was
suitable for any bank in Massachusetts. This style was also called the Patent
Stereotype Steel Plate. Collectors call this the “Perkins plate” style.

Advantages: As no special plate had to be made, these bills could be print-
ed quickly and inexpensively. The myriad tiny letters, spelling out the denomi-

PAPER MONEY • July/August 2004 • Whole No. 232

293

nation, made it impossible to alter the bill to a higher denomination.

Disadvantages: If a bank that had a large number of these bills failed, the
worthless notes could be bought up, the name of the bank and town effaced,
and the identification of a sound bank substituted. This was a popular fraud.

Later Slug Plate with Stock Vignettes

Two $3 bills, one of The Bank of Orleans, Irasburgh, VT; and the other
of the Carroll County Bank, Sandwich, NH (courtesy Sandwich Historical
Society). Although the vignettes are ornate and each background lettering,
there are only three points of difference, where slugs were inserted: the bank
name, town, and state. This general style of bill, made by Rawdon, Wright,
Hatch & Edson (often with the imprint of its 50% -owned branch, the New
England Bank Note Co.), was very popular and used by dozens of different
banks. When one failed, there was a rush by speculators to buy up its notes for
alteration purposes. Both of the illustrated notes are likely alterations.
(Courtesy of the Swasey Collection).

Advantages: These bills were cheap and could be printed quickly. The

:7Fc

294

July/August 2004 • Whole No. 232 • PAPER MONEY

tiny letters forming part of the background (a Perkins innovation) were a deter-
rent to raising the value of the bill.

Disadvantages: They could be easily altered by effacing the name of the
bank, town, and state. This was done frequendy and so effectively that many of
the bills in numismatic hands today (including all of the Carroll County bills I
have seen) are alterations.

Custom Plate with Stock Vignettes

$1 bill made by Toppan, Carpenter & Co. for the Bank of Orange
County, Chelsea, Vermont. The plate was made to order, using stock vignettes
selected by the bank’s officers, and with the bank name an integral part of the
plate (not a removable slug).

Advantages: This type of bill was distinctive, showcased the bank’s name,
and was fairly difficult to alter.

Disadvantages: Higher denominations (usually $10 or above) of failed
banks were often altered by carefully removing the bank name or part of the
bank name, and the location, and adding the name of a soimd bank.

Unit System (Ormsby System)

Ormsby’s unit system was employed on only a few known bank notes, but
those that exist are very attractive, as here.

The $1 of the Carroll County Bank, Sandwich, NH also includes the por-
trait of its president, Daniel Hoit. Ormsby came to New Hampshire to per-
sonally meet with bank officials and go over details of the various denomina-
tions. (Swasey Collection)

The $3 of the Drovers Bank, Salt Lake City, UT was made for the occa-
sion and depicts cattle — the business of drovers. The denomination, however,
was not an integral part of the vignette. (Private Collection)

Advantages: The panoramic vignette was very attractive to users of the
bills. The distinctive vignette was a deterrent to counterfeiting.

PAPER MONEY • )uly/August 2004 • Whole No. 232

295

Disadvantages: These bills were expensive to print and took a long time
to prepare. Also, per bank correspondence (in the author’s possession, part of a
file being gathered for possible book-length treatment), it was found that after
the unit style notes were in circulation for a short time, and carried in purses or
packets, they appeared to be more dirty and less attractive than did standard
bills with smaller vignettes and more open space.

Economic Reality Takes Precedence

As convincing as Ormsby’s “Unit System” seems today, few bank officers
took notice of it, and the idea died soon after birth. Stated simply, the advan-
tages against counterfeiting were more than outweighed by the expense and
time it took to prepare such bills. Moreover, most of the other leading bank
note companies banded together to discredit Ormsby and, further, to state that
their own innovations were even better safeguards against alterations, such
including color-printed backgrounds, green tints, etc., a long list, as in this
effort by Peyton:

Detecting Counterfeits

In March 1856, George Peyton wrote and published a small, hardbound
book of 45 pages plus plates, under a lengthy name that, in its entirety, essen-
tial comprised a table of contents. Such sesquipedalian titles were hardly
uncommon in the era, this per the title page: How to Detect Counterfeit Bank
Notes; or, an Illustrated Treatise on the Detection of Counterfeit, Altered, and
Spto'ious Bank Notes, with Original Bank Note Plates and designs, by Rawdon,
IVright, Hatch <b Edson, Bank Note Engravers, ofNew-York, the Whole Forming an
Unerring Guide, by which Every Person Can, on Examination, Detect Spurious Bank
Notes of Every Description, No matter How Well Exemted They May Appear.

Likely, most used the short title on the cover. How to Detect Counterfeit
Bank Notes. Peyton, whose address was 418 Broadway, styled himself as an
exchange broker who had been in that line of business for 1 5 years. Associated
in the project, and perhaps its sponsor, was the highly regarded New York
firm, Rawdon, Wright, Hatch & Edson, bank note engravers and printers,
whose products were widely known. Two years later the partnership would
become a vital component of the new American Bank Note Company.

This volume was intended for distribution to bankers, and seems to have
been Rawdon, Wright, Hatch & Edson ’s response to W.L. Ormsby’s 1852 text
on bank note engraving. Ormsby’s thesis was that individual vignettes
arranged on a plate were an invitation to counterfeiting, and that such bills
could be easily reproduced, even by a teenager. Such individual vignettes were
the mainstay of the Rawdon, Wright, Hatch & Edson business, and, according-
ly, the idea of using multiple “stock” illustrations on a bill was viewed by them
as being the best technique. A reference to Ormsby is given by this mention of
a person unnamed:

296

July/August 2004 • Whole No. 232 • PAPER MONEY

“Two or three years since, an engraver of this city, supposed he had hit
upon a method which was perfect, and wrote a book to prove its value, but, I
believe it has been but in one instance adopted.

Indeed, it would be a very difficult matter to invent a method, or system
of engraving bank notes, that would be superior to the one used at the present
time....”

Peyton was correct in his statement, as all that Ormsby had to show for
the full adoption of his system was a particular $1 bill he had created for the
Carroll County Bank of Sandwich, NH with the date of January 1, 1855. The
Drovers Bank bills of Salt Lake City were created after Peyton finished his
book and, in any event, were not completely panoramic — as the denomination
and bank name was not part of the vignette.

$2 bill made by Ormsby for the Exchange Bank, Hartford, Connecticut,
in 1856. This style, with different small vignettes used to make up the plate,
was no different from the procedure used by his competitors.

Ormsby himself bowed to reality, and while he was able to interest a few
banks in his “Unit System,” for certain of the same banks he also offered the
cheaper style of stock vignettes. Although he gave public lectures on the “Unit
System” and kept extolling its virtues into the 1 860s, few if any new customers
materialized. His known notes after the mid- 1850s are all of the small-vignette
style.

In the early 1860s he sought without success to obtain a government
printing contract for Legal Tender Notes, giving as the thrust of his presenta-
tion that his competitors were all unskilled, bills produced by them could be
easily counterfeited, etc., and, again, telling of his “Unit System.” His plea fell
on deaf ears, and he protested that the awards to the American Bank Note Co.
and others were fraudulent.

The Continental Bank Note Co.

The Continental Bank Note Co. began operation in January 1863; initial-
ly they occupied the upper four floors at 1 14 Greenwich St., New York City, a
building owned by U.S. Treasury official J.P. Cisco. Cisco, U.S. Treasury rep-
resentative in that city, was closely associated with the Sub-Treasury and Assay
Office, and a Lincoln administration holdover from the Buchanan presidency.
Cisco’s biography provides interesting reading.

W.L. Ormsby was hired as the new company’s main engraver, with the
hope that his expertise would give the enterprise a fast start. His impressive
salary of $5,000 must have been one of the highest in the field. One of
Ormsby’s own transfer presses was purchased for $1,000, and used for siderog-
raphy or transferring impressions from one die to another. He was on the pay-
roll of Continental in 1867, and perhaps later. His son, W.L. Ormsby, Jr., was
also an employee for many years, in addition to other professional activities.

PAPER MONEY • )uly/August 2004 • Whole No. 232

297

As events demonstrated, (!!ontinental was born in tire twilight of the note-
issuing era of state-chartered banks. In the same year the National Banking
Act sowed the seeds of destruction of the long-established currenq- privilege
enjoyed by such banks, and after July 1, 1866, such notes would no longer cir-
culate, as a federal tax of 10% was levied on their use.

From 1863 through early 1866, most banks desiring notes simply ordered
them from e.xisting plates, like as not in the possession of the .American Bank
Note Co. Few cared to switch suppliers, and most of the handful of newly
organized banks preferred to stay with the tried and true .American firm, rather
than a newcomer such as Continental. Still there was business to be done,
including in the less competitive field of stock certificates, legal documents, and
other engp'avings.

Waterman Lily Ormsby died in Brooklyn, NY on November 1, 1883.
Today, in the annals of Americana, his son. Waterman, Jr., is better remem-
bered, as the first citizen to ride the Overland E.xpress west to San Francisco,
an experience which he chronicled in a series of dispatches published by his
New York City’ newspaper employer.

.As to WAL. Onnsby’s bills, few collectors today have made any particular
specialty’ of them, and, in general the attribution of bills to engravers and
engraving firms seems to be of so little significance that the majority' of auction
listings do not bother to include such information.

I find Ormsby to be one of the more interesting “characters” on the
.American currenq' stage, and if any readers have further information 1 would
appreciate correspondence. I have been toying with the idea of writing a book
on bank note engravers and companies prior to 1 866 (the end of the state bank
currency issuing period). ❖

ing.

Mostly

By FRANK CLARK

A Denton County NB Photo

I PREVIOUSLY WROTE ABOUT DENTON
County' National Bank in my article, the "National
Banks in Denton, Texas, and Their Notes" that
appeared in WTiole No. 202. Witli the help of Robert
FI. Caldwell, Jr., whose father was an assistant cashier
for the bank in the early 1920s, I came into possession

of a picture that shows
Mr. Caldwell's father and
the cashier, R.M. Barns,
whose signature appears
on Third Charter and
small size notes. Three
other employees are also
pictured. I found this pic-
ture very interesting.
Several characteristics of
the bank building
remained the same
through the years. You
can also spot a couple of
early banking machines,
plus one of the t\vo vaults
in the background. How
I would love to see what
notes were on hand!
Certainly, a snapshot of
small town Texas bank-

298

luly/August 2004 • Whole No. 232 • PAPER MONEY

Wanted!
Dry Buffalo
Bones

By Ronald
Horstman

A dx^rtising notes, SiM.\ll randbills resembling

circulating currena,' in size and design, have always been an effective
way of conveying a message. The theory being that by the time you
have read the text and determined that the object is not real money,
you have also absorbed the sender's message. The proliferation of unissued
and wortliless Civil War-era paper money created an opportunity for its reuse
as advertising notes.

Such was the case of the Missouri Defense Bonds. On November 5,
1861, the Missouri state legislature, under Confederate control, autho-
rized SIO million worth of currency-U'pe bonds to provide funds for the
.Missouri State Guard. The Guard had been organized and equipped to
protect the state from invasion by Union forces. In December of 1861,
die Guard was mustered into Confederate sertdce to be supported by the
Richmond government, relieving the state of financial responsibility’.
The currency authorized by the November 5th .Act was engraved and
printed, but never signed or put into circulation.

.Abraham B. Mayer, St. Louis businessman and dealer in previously
owned materials (JLINK) came into possession of these bonds as scrap
paper. He realized their potential and prepared them to advertise his own
business, which also ground up the buffalo bones into fertilizer, bone
meal and other products. Because of the flimsiness of the originals,
designs show through the paper (as shown at left).

The buffalo or bison had roamed the North American continent for
12,000 years, numbering more titan 70 million at the time of the white
settlers’ arrival. The Indians had found these magnificent animals to be
the life blood of their very existence, killing them only as needed, and
using all parts in their daily lives. The “civilized” white men found their
killing to be entertaining, and their hides made into coats to be a status
svTnbol. General Philip Sheridan, commander of the United States .Army,
advocated their anihilation as a means of defeating the Indian nations.

“And don’t you forget it”

Consequently, the western plains were littered with bones which
could be collected and transported to the Mayer’s .Anchor Fertilizer
Works at St. Louis for processing. The grinding of bones at the scrap
yard at 1022 N. Twelfth Street created an excessive amount of dust and
unpleas;mt odor. The plant was eventually moved outside of the city’ lim-
its to Lowell Mo. (now Baden). Located at the foot of I larrison, now
Branch Street, Ahraham’s son Fred ran the operation. .Another son,
■Morris, ran a junk yard at a different location. No. 705 South Second

pBuffaiiRMies,

■'T..-?>ndAII Other BONES,

-^nkingi Horns,' Hoofs,
RagSj Scrap Irot^Old j";

. t • C

Bone Blai Fsriilim £c.

If ■ «l IlllJIIUrSf

fityici A:I3 WABEgOT3»!^ . .

1 Qi$^o:3022 N. 1 2th St.,

/f^ORBDNEEAeTOPY.liOl

ml^iSzinr

SMt. ST.

PAPER MONEY • )uly/August 2004 • Whole No. 232

299

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OFFICE. l020STWfinll .■51

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~J)EALtJ( /.V

X9lo3*j|’ .^'>Pt.Wa.sh*rtrrS“''

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s.i<:epNi):ST.;f i;-; '/-■■ -:: st.

nd Cedar. .v;a .L\' . ^ Send for Pi

Top: Letterhead for
A.B. Mayer's
Manufacturing Co.
Above: An A.B. Mayer
check. Right: An ad
note, also printed on
the back of a Missouri
Defense Bond for
Mayer's son Morris'
scrap yard.

RAGS.SCRAPIRON

METALS, BONES ETC. ■ '

PAPER MONEY • )uly/August 2004 • Whole No. 232

301

Cor. Bjroadway & ks^dilisbuVyi-'- ^ \

e MedicineSi'vand ^dilet''i^rtifcles

' *

ULL 'A'gSORTMEtlT' OF StATK iNFR’k', FiNE
^E^FUAlElU'';s&^^ Sf).\PS,- ,^y

oniraoils ‘ ’iFilled' df^B.'aasfonabie Prlnea bs

^'TWSses'a Specialty. Paints, Oil, Glass and Fine Cig’ars in stock,

Above: A.B. Mayer's
Fertilizer Works. Left:
An ad note also printed
on the back of a
Missouri Defense Bond
for Mayer's brother-in-
law Adolph Pfeiffer.
Below: A similar ad
note for a railroad, the
Bee Line.

OMLr 0M£ ROUND-TRIP TOURIST TICKETS NOW ON SALE

Change of Cars j •* * — ' ~ ^

F«v<»rne

Eli- m

San Aiitoiiid.
Fort Morth*

I>alla6«

F«»rt Sc‘oit.
K.uisuh

TOURIST ROUTE

Laid Cba^ta^: .V
JT.agara .‘i.:,
Saratoga.

l£:st:cE.
TbOQ8&n£ Is'asci
St. La-:vrin;« 2.73;
X«&k9 Sacrgc
Cbaxt.air

'esos, .^kansM aa<
Xisa9:irl

NEW YORK

302

luly/August 2004 • Whole No. 232 • PAPER MONEY

rlWSS

()>E !>OT,r AR

-Jz-y/Zir/ '

ludging by this photo at the Missouri Historical Society, buffalo bones were plentiful. The size of this enormous pile of buffalo skulls is
put into perspective by the two dignified gentlemen at base and apex of the pile. (Courtesy Missouri Historical Society)

The Missouri Defense bonds were hasti- Street. I le too had ads printed on the back of the unissued bonds,
ly prepared and printed on flimsy paper .Adolph Pfeiffer, a brother-in-law to Abraham .Mayer, owned and operat-

which shows the advertising design Bremen Drug Store at Broadway and Salisbur\^ Pfeiffer slept under the

b^eed through on the unissued remain- counter of the pharmacy to he available for 24-hour service. He also had

advertising notes printed on the backs of the bonds. Pfeiffer was the maternal
grandfather to my friend and fellow St. Louis numismatist Eric Pfeiffer
Newman, who kindly furnished information for this article.

The Bee Line Railroad had several designs printed on the backs, as did
Julius M'eil, a local clothing merchant.

.Although these bonds in the denominations of Sl.OO; S3.00; $4.00; $4.50;
$20.00; $50.00 and $100.00 never .serx'ed their intended purpose, they enjoyed
wide circulation in the advertising field and have brought enjoyment to many a
collector.

PAPER MONEY • July/August 2004 • Whole No. 232

303

Lyn Knight

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high quality photography of the lots.

Annual Catalog Subscription (4 catalogs) S50
Call today to order your subscription!
800 - 243-5211

If you are sellin g notes...

Lyn Knight CuiTency Auctions has handled virtually every great
United States currency rarity. We can sell all of your notes!
Colonial Currency... Obsolete Currency... Fractional Currency...
Encased Postage... Confederate Currency... United States Large
and Small Size Currency... National Bank Notes... Error Notes...
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Notes and scarce Foreign Bank Notes. We offer;

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Ifyuur culleclion warrants, we will be happy to travel to
voiir location and review vour notes.

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Mail notes to:

Lyn Knight Currency Auctions
P.O. Box 7364. Overland Park, KS 66207-0364

We strongly recommend that you send your material via USPS Registered
Mail insured for its full value. Prior to mailing material, please make a
complete listing, including photocopies of the note(s). for your records.
We will acknowledge receipt of your material upon its arrival.

if you have a question about currency, call Lyn Knight.
He looks forw ard to assisting you.

Currency Auctions

P.O. Box 7364. Overland Park. KS 66207 • 800-243-521 1 • 613-338-3779 • Fax 913-338-4754
lynfii lynknighi.com • supported lynknight.com

www.lvnknight.com

304 luly/August 2004 • Whole No. 232 • PAPER MONEY

A S THE C:i\lL WAR DRE\^' TO A CLOSE, THE GRIFFITH’S
Bank of Columbus, IN evolved into the First National Bank of
Columbus. It was organized early in the .spring of 1865, received
National Bank charter #1066, and opened for business on June 20.
Columbus, located in the south-central part of Indiana and the county seat of
Bartholomew County, had a population of 3,300 by 1870.

One of the founders of the bank w as Francis J. Crump. He and Randolph
Griffith were the largest shareholders, each owning 20% of the new bank. Over
the next two-thirds of a centur\’, Oump and other members of his family
served as presidents of the bank, he in 1880-1881; his son-in-law'. Captain

William j. Lucas, from 1882-1901; his

• ■ ' son, Francis T. Crump, from 1901-1917;

'Jjfjl [ his grandson, Francis J. Crump II, from

1921-1927; and then his daughter,

^ Elizabeth Lucas had been born on

July 11^'1'5, near Columbus. She was

i y I ' V'S the youngest child of Francis and Emella

ll jil'p Q || TjJ Hi y'.l irjj . (Smith) Crump. Her father was a native

'** i l.'ii ji'llj ■ of Virginia and her mother a native of

sjr IJ'! — 'i i li I’ -*'1' North Carolina. Francis had been a

ll'l ninil ^1''' n ni b'l cany settler in the area, arriving in 1821.

si 1865 she married Captain

“ ji'' W'^illiam J. Lucas, a Civil War

^ ^ T' r— ; ll veteran. He was a partner in a

dry goods store in Columbus.

■" 1882 its president, sening until

n ~ his death in 1901. They had

In 1903 and succeeded to the
■ presidency in 1927 at the death

National Bank President

By Karl Sanford Kabelac

PAPER MONEY • July/August 2004 • Whole No. 232

305

CHECK THE “GREENSHEET”
GET 10 OFFERS
THEN CALL ME (OR WRITE)
FOR MY TOP BUYING PRICES

306

July/August 2004 • Whole No. 232 • PAPER MONEY

Home of the bank from 1875 until
the new building opened on the same
site in downtown Columbus in 1926,
the year before Elizabeth Lucas
became its President.

of her nephew, Francis J. Crump II. .Already in her 80s, her health failed several
years later, and she died in her home in Columbus on Januart- 31, 1932. Her
obituary noted that she w'as prominent citizen, active in church and social cir-
cles, and took great interest in her business affairs. Charles F. Dehmer, who
had begun at the bank as a messenger in 1893, and had become cashier in 1917,
succeeded her as president.

Series 1929 $50 National Bank Note -
one of 978 issued by the bank. It bears
the facsimile signature of Elizabeth
Lucas, president from 1927 to 1932.
Beginning with Series 1 882 notes, the
bank issued only $50 and $1 00 notes.
(Courtesy Andy MacKay)

THE FIRST

>- NATIONAL BARK OF
COLUMBUS

INDIANA

WIU PAyTOTKC BCARCR ON OCMAND

FIFniMIliLaVltK

D000072A

7HC

The bank remained iiulependent until the late 1980s. It was then taken
over by another bank and, as a result of subsequent take-overs, is now' a branch
of the National C'ity Bank of Indiana, w'hich is headquartered in Indianapolis.

Bibliography

The [Columbus] Evening Repith/iain, obituary for Chiptain William J. Lucas,
July 9, 1901.

The [Columbus] Evening Republican, obiniary for Elizabeth Lucas, Februarv' 1,
1932.

The First National Bank of Columbus, C^entennial booklet ( 1 965). ❖

PAPER MONEY • ]uly/August 2004 • Whole No. 232

307

WAN TED

WILLIAM YOUNGERMAN

Your Hometown Currency Hea

l\d3

Buying & Selling

All Choice to Gem CU Fractional Currency

Paying Over Bid

Please Call:

916-687-7219

ROB'S COINS & CURRENCY

P.O. Box 303
Wilton, CA 95693

308

luly/August 2004 • Whole No. 232 • PAPER MONEY

Department of Redundant Duplication

AREFULLY READ THE BANK Tri LE ON THE
upper note in the pair shown here.

If you don't get it, read the title slowly and more carefully
a second time.

How about that!

This bibulous error was made on the S5 Series of 1 882
Brown Back .\-B-C-D plate approved for The Old Colony

large size National Bank Note face plates in the Smithsonian
Collections. Smithsonian Volunteer Kathleen Kimball was
sorting Massachusetts. She noticed the notation "W'ord 'of
above 'Plymouth' erased Nov. 25, 1885," in the bottom mar-
gin of what appeared to be a duplicate 5-5- 5-5 Series of 1882
.A-B-C-D proof for the bank. There was a lot of excitement as
eveiy'one within hearing distance piled on to enjoy the find!

$

THE PAPER COLUMN

by Peter Huntoon

ACKNOWTEDGMENT

The research leading to this article was partially support-
ed by the National Numismatic Collections, National
Museum of American History, Smithsonian Institution,
Washington, DC. The assistance of James Hughes, Museum
Specialist, is gratefully acknowledged.

SOURCES

‘WW'PoV '

t'N

Ol‘W < OiVv

(csig*

I’Hir'/hfUa rtt

A/:'-''/'

National Bank of Plymouth, Massachusetts (Wd), on February'
12, 1885. The plate wasn't fi.xed until November 25th, nine
months later.

The best part is that sheets containing the error were
issued; 1,000 of them, or 4,000 notes!

The first and only shipment of the error from the Bureau
of Engraving and Printing was received by the Comptroller of
the Currency's office on .March 9, 1885. One thou.sand sheets
were in that order, serials 1-1000, B283422-B284421. They
were needed immediately, so the first were shipped to the
bank that day.

When the error was dis-
covered is unknown, but after
it was, someone wrote "of of
next to the entry for the ship-
ment in the receipts ledger.

The next shipment of
sheets, these from the correct-
ed plate, arrived in the
Comptroller's office on
December 28, 1885. This
shipment consisted of sheets
1001-1500, D429238-

D429737. Despite having cor-
rected sheets on hand, and
knowing of the mistake, the
Comptroller's clerks continued
to issue the error sheets until
January 14, 1886, when the
stock of them was depleted.

The bank ultimately
issued 24,831 sheets of S5
•Series of 1 882 Brown Backs,
the error representing 16 per-
cent of the total. No S5 Brown
Backs with the error have been
reported. Maybe you will get
lucky! The error is unprece-
dented in my experience.

W’e found this error in
September, 2000, while sorting
the certified proofs for the

Bureau of Engraving and Printing. Certified Proofs of
National Bank Note Face Plates. National Numismatic
Collections, Smithsonian Institution, Washington, DC.
(1875-1929).

Com|itrollcr of the Currency. Ledgers Showing Receipts of
National Currency from the Engravers. U. S. National
•Archives, College Park, MD- (1863-1912)-
Comptroller of the Currency- National Currency and Bond
Ledgers for Individual National Banks- U- S- National
Archives, College Park, MD- (186.3-1935). ❖

PAPER MONEY • July/August 2004 • Whole No. 232

309

You are invited to visit our web page

WWW. ky zi vatc urrency.com

For the past 5 years we liave offered a good
selection of conservatively graded, reasonably
priced currency for the collector

All notes are imaged for your review

NATIONAL BANK NOTES
LARGE SIZE TYPE NOTES
SMALL SIZE TYPE NOTES
SMALL SIZE STAR NOTES
OfiSOLETES
CONFEDERATES
ERROR NOTES

TIM KYZIVAT

(708) 784 - 0974

P.O. Box 451 Western Springe, IL 60566
£•01311 tkyzivat@kyzivatcurreiicy.com

PCDA, SPMC

United States Paper Money

'Special selections for discriminating collectors"

Buying and Selling

the finest in U.S. paper money

Individual Rarities: Large, Small National
Serial Number One Notes
Large Size Type
Error Notes
Small Size Type
National Currency
Star or Replacement Notes
Specimens, Proofs, Experimental

Frederick J. Bart

Bart, Inc.

(586) 979-3400
PO Box 2 • Roseville, MI 48066
E-mail: BartIncCor@aol.com

We are proud to continue the
numismatic legacy begun in 1933

Specializing in Quality and Rare U.S. Currency
U.S. Large Size Fractionals Colonials
Nationals National Gold Bank Notes
Encased Postage

Kagin's -- an established name for conservative
grading of quality notes.

We specialize in building U.S. currency collections
of premium quality and rare notes. Favorable terms
to suit your individual needs.

98 Main Street #201
Tiburon, CA 94920 1 -888-8KAGINS

www.kagins.com
Call Judy

BUYING AND SELLING
PAPER MONEY

U.S., All types

Thousands of Nationals, Large and
Small, Silver Certificates, U.S. Notes,
Gold Certificates, Treasury Notes,

Federal Reserve Notes, Fractional,
Continental, Colonial, Obsoletes,
Depression Scrip, Checks, Stocks, etc.

Foreign Notes from over 250 Countries
Paper Money Books and Supplies
Send us your Want List . . . or . . .

Ship your material for a fair offer

LOWELL C. HORWEDEL

P.O. BOX 2395
WEST LAFAYETTE, IN 47996

SPMC #2907 (765)583-2748 ANA LM #1503

Fax: (765) 583-4584 e-mail: lhorwedel@insightbb.com
website: horwedelscurrency.com

luly/AugusI 2004 • Whole No. 232 • PAPER MONEY

SPMC 6000: Recruiting Update

Junior member sets high collecting goals

ri iPER MONErS M\RCH/APRIL 2004 ISSUE

Her collecting interests are fractional currency, star
notes, Brooklyn (NY) and Louisiana obsoletes and “any
currency having 55s”. In addition to paper money
interests, the junior collector enjoys French coins,
modem LI.S. commems, and is putting together a
PCGS registered memorial reverse Lincoln Proof cent
collection.

WTien the contest was announced, she
sprang to action hy signing up her father,
Andrew, a lawyer in Dallas (who has since
recruited tw'o new members himselfi). Since
then Br\'n has also signed up three additional
new members with the “goal of averaging one
new member a month for 2004” among her
family and adult friends.

I laving accepted the SPMC 6000 Recmiting
Challenge, the young collector has also turned
tables on her elders, too. Brvm has her sights set
on bringing paper money collecting to the grass
roots, the local classroom, too. Her vision is for
SPMC members to speak to classes at their
local middle schools about paper money collect-
ing and distribute ine.xpensive notes to each stu-
dent. “If kids get a prize, they will go home
e.xcited. If kids go home excited, they will fol-
low up on their interest. . . .You wouldn’t expect
a kid to collect comic books if he couldn’t hold
and read them. Most kids won’t understand
that money is history in your hands, until we

put it in their hands. If
Idds go home with
nothing but an excel-
lent lecture, we’ve lost
a future collector for
the price of a 1957
Silver Certificate in
VG or a 1976 S2 bill in
Fine,” she reasons.

In addition to her
classroom and collect-
ing activities, Bryn also
enjoys the family’s
three dogs, art, anime,
electronic games and
neopets. A visit to the
Ft. Worth branch of
the BEP is high on her “to do” list. This well rounded
lass is also an orange belt at judo with several gold and
silver medals to her credit. Bryn also has a younger sis-
ter, destined to become a paper money collector herself
in due time, too, we’ll bet! — Fred Reed ❖

JT challenged each member to recruit two new mem-
bers to SPMC this year to help defray the costs of the
extra “bonus pages” members reponed they wanted on
last year’s Membership Sur\ ey. Bonus pages, such as
those in this issue are the green section in the middle of
the magazine. The survey and the bonus pages in the
magazine are part of the
Society’s ongoing SPMC
6000; Re-Building a
Great Society for a New
Century program to
give our members more
enjoyment and “bang” for
their hobby buck.

Aw'ards were offered
as a further incentive in
the recruiting campaign.

To date two w ell known
dealers Tom Denly and
.\llen Minco have quali-
fied by sponsoring two
(or more) new members
since March 1st. The
first “regular” member to
do so is Br\Ti Kom, an
e.xceptionally precocious
new member of SPMC,
w'e have learned.

SPMC Junior Member Bryn Korn
(j 10699) is a well-rounded, active middle
school student, with a variety of collect-
ing interests and a zeal for spreading her
excitement about holding "history in her
hands."

.amixmrJ-MiiJai
//// /„ /'// //

■r.r rr/TtTr.hru
. '///• r/t ////////Zr

. ■'// //■//.t/'.i PrV’^E
///r lTa>y Drlt^rnn

This note is Bryn's ultra-favorite note because it combines French and Double 5s, two of her favorite themes.

We thought you’d enjoy reading about this young
collector too. Bryn is a 12-year-old honors student at
Dallas (TX) International School Mission Laique
Francaise, w ho joined SPMC via our web site
(ww-w.spmc.org) last December.

PAPER MONEY • )uly/August 2004 • Whole No. 232

311

New CSA Currency and Bonds
Price Guide

‘‘CSA Quotes” - A detailed
valuation guide: $20

• Written by a collector building CSA cur-
rency collection by variety. Also CSA
bonds.

• Useful for beginners as well as the most
advanced collector.

• Lists types, rare varieties, errors, in
grades G-VG to CU and “Scudzy” to
“Choice”.

Long time variety collector (30 years) - U.S. Large Cents, Bust

Halves, now CSA paper money and bonds. Member EAC,

JRCS, SPMC. From long time Louisiana family

Please send $20 to -

Pierre Fricke, P.O. Box 245, Rye, NY 10580
914 - 548-9815

pfricke@attglobal.net www.csaquotes.com;
eBay - “army nova”

WANTED:
NATIONAL
BANK NOTES

Buying and Selling Nationals
from all states.

Price lists are not available.
Please send your want list.
Paying collector prices for better
California notes!

WILLIAM LITT

P.O. BOX 6778
San Mateo, California 94403
(650) 458-8842
Fax: (650) 458-8843
E-mail: BillLitt$'’aol.com

Member SPMC, PCDA, ANA

MACERATED MONEY

Wanted information on U.S. Chopped up Money.

Who made the items, where sold, and anything of interest.

Also I am a buyer of these items. Top Prices paid.

Bertram M. Cohen, 169 Marlborough St., Boston, MA 02116-1830

E-mail: Marblebert(gaol.com

Buying Carl Bombara Selling
United States Currency

P.O.Box52'4 „ rv

New York. N.Y. 101 1 6-0S24 1LW#K\
Phone 21 2 989-9108 '

F C) M

o R r

IS THE tfl WHOLESALE SOURCE OF

Paper money (historical & modern ), nolgeld, coins (Chinese,
Roman, modern, etc.), tokens, stamps, checks. Primitive monies, etc.
Wholesale list is available on request
Please contact us at:

P. O. Box 2-S, Ridgefield Park, N) - 07660 - USA
Toll Free: 1-800-775-8450

Telephone: 1-201-641-6641 / Fax: 1-201-641-1700
E-mail: Order^pomexport.com / Website: www.Pomexport.com

luly/August 2004 • Whole No. 232 • PAPER MONEY

ter than even bet that it is Turlough Carolan. The clothing
of the musician suggests 17th centurj- attire. Perhaps the
closed eyes are a way of letting us know that he was blind.
Carolan was born near Nobber, County Meath, in 1670. At
14 the young boy was blinded by smallpo.x. He began his
harp studies, and at 21 took to the road as a traveling musi-
cian, or what could be called at tbe time, a minstrel.
Carolan was influenced by the Italians Y'ivaldi and Corelli.

WTiile on the road, this traveling minstrel would com-
pose a song for the patron he was about to visit that evening.
About 200 of his songs and instrumental pieces are in the
National Librart’ of Ireland, tbe only complete book of his
music. Alany of these pieces exist only as single lines of
music with no indication of the harmonies. Turlough
Carolan died in Ballyfarnon, County Roscommo, in 1738.
The face value of this £20 note with the image of Carolan
was about S.I.s before the Euro was introduced. The back of
this note shows a group of wind and string instruments.

The name of Stanislaw Moniusko is not a common
name, even among musicians. This Polish operatic compos-
er was born in Ubiel near Minsk May 5, 1819. As most
musicians, he began his studies as a child; Moniusko studied
piano. In 1837 he went to Berlin to study musical composi-
tion; his first works were published in 1838. Two years later
he renirned to Poland. W'ithout having performed any of
his music, I cannot give an opinion. Nevertheless, by 1858
Moniusko was considered Poland’s foremost composer and
was ranked with Bedrich Smetana, and Glinka and Rossini.

Moniusko composed

SDOO both secular and sacred

f choral music, and the list

^ of his compositions in T/>e

‘ 11 Grove Dktioiiaiy of Musk

~ V and Mmkiam is not brief.
J He died in Warsaw on
' June 4, 1872, the same

I year that composer

1 Alexander Scriabin was

STB 8*1 31l born in Russia. The

-■mjEJ j zlonxh, P 1 54, on

which Moniusko’s portrait

appears, should cost less than SlO.

A portrait of Ignace Jan Paderewski (1860-1941), one
lenquer, Portugal of the most popular pianists in the bistort' of music, can be

^untrt man A’asco found on the 2 million Polish zloytch, P158. If you studied

n, India. This |)iano for only a few years, you most certainly played his

liplomat anti had Minuet in G. Twenty years after he made his American

itics and finance, debut. Paderewski represented Poland at the Versailles

t Russia. He is Peace Treaty in 1919. For less than a year, he was premier

lusical form syn- of a Polish coalition. This was a token of admiration from

motet parts were the Polish people.

r individual parts The newest addition to the theme of composers is the

Swiss 20 franc, PI 87, with the portrait of Arthur Honegger
bably in Gatalha. (1892-1955); the Oratorio King David is a good e.xample of

•ation by coloniz- his music. The face value of this note is about $15. The

th the portrait ol design is computer-generated with a variety' of security

)rdable in a lower devices.

THE BUCK
Starts Here

More Musicians
on Bank Notes

FQNFTAU5END

SCHILLING

Austria 5000 schilling, P 153

(Copyright story reprinted by permission
from Coin World May 26, 1 997)

PAPER MONEY • )uly/August 2004 • Whole No. 232

313

Mini-collections Can Be
Intriguing Digressions

S A "WORLD PAPER" ENTHUSIAST OF 60
years' standing, I've a favorite "ntini-collection" that
may surprise you. It consists entirely of notes and scrip
relating to ... New Bnmswick, New jersey.

Well, it IS a small world!

Phil Spier, a Canadian dealer of the old school, sold
me a State Bank at New Brunswick Si remainder note
close to 50 years ago--for just that. Si, you understand.
He had felt duty bound to point out, however, that the
"broken bank" in question hadn't been in New Brunswick,
Canada, but in the historic New Jersey city of the same
name.

That geography lesson 1 subsequently was to ingest
rather well.

.A range of such broken bank denominations, national
bank notes, municipal scrip, checks, and such, had indeed
grown and developed by the time this mini-collection had
rated a New Brunswick Dtiily Hovie News photo feature
some years later ... when I had been in town to defend my
Rutgers University dissertation. International collector
interest in those local banks down on Ceorge Street? It
had been that kind of "man bites dog" story', I do believe.

Over those collecting years. I've found special appeal
in the item or items that seemed distinctive, a bit tlifferent
in whatever way. I've collected widely. Some individual
items have remained just that, accents to make a point in a
talk or display. Others have provided the nucleus about
which a mini-collection could accrue. Adopt such an
approach and you have freedom to e.vpiore far afield.

Such wide sampling I do recommend before zooming
in on a specialization, and to supplement a specialty when
the going gets tough. .Allow me to share recent acquisitions
where an element of innovation may have been what first

caught my eye.

.A Dutch 10
gulden of 1997, the
last pre-Euro note
of that most afford-
able denomination,
featuring far-out
geometric ele-

ments, "LTniversal Product Uode" serial numbering, intri-
cate microlettering, and sharp face-to-back registration. .An
interesting item.

S o o o ,
which way
up? Notes
whose face
and back
present
essentially
the same

appearance when rotated a half-turn perhaps did simplify
handling and sorting of Brazil's inflated cruzeiros. Readily
available in five denominations, 100 to 5000 (the Gastello
Branco dual-portrait note), such eye-catching items saw
several years of sert ice, but on subsequent releases, the
interesting innovation had not been
followed through.

A Madagascar medium value,
richly highlighting fauna and flora,
in the sort of vertical format that
quite diverse nations have tried out
from time to time. .A lemur, a
heron, a tortoise, and a big butter-
fly--where but .Madagascar, you
might ask.

Too many of the world's por-
trait notes would seem to have been
of greatest interest to the family,
friends, and submissive subjects of
the indi\'iduals so portrayed. Not so
in the present Republic of South .Afnca, where the rhinoc-
eros, elephant,
lion, and leop-
ard distinguish
denominations
of current bills.

The head-and-
shoulders like-
of the

U633460S

ness

water buffalo, dominant on the 100 rands, is my favorite.
He looks somehow as if he should be there.

h'or high tech, however, you turn to .Malaysia, where
the current 50 ringitts, representatively, reveals much detail
of an off-
shore oil
operation.

I'm espe-
cially fond
of the series,
having, dur-
ing a recent
Kuala

Lumpur sojourn, acquired such notes, as crisp as they
come, from the hands of Bank Negara's genial head
cashier.

That's how a mini-collection sometimes gets its
beginning, you do understand.

314

luly/August 2004 • Whole No. 232 • PAPER MONEY

THE

PRESIDENT’S

COLUMN

BY RON HORSTMAN

Another 32 Bonus Pages

Y our society' is making an all out

effort to increase membership and is asking for your
help. Included with this expanded issue are two of our
newly-designed recruiting brochures which we ask you to
give to persons you feel would benefit by becoming a
member. Be swe to sign them as your fnend’s/colleague’s
sponsor, or use them to give gift memberships to your
family members or associates. We have this new
brochure thru the efforts of our Editor Fred Reed.

In addition to permanently expanding the size of our
magazine (the green bonus section in the magazine’s cen-
ter), die Board is reviewing the entire awards program to
better recognize those whose contributions have made
collecting paper the wonderful hobby that it is.

Business Forecasts

torch 26. 2004

Rem»W aer*tman
50J0 Tl*b«rl«ne
C«TaU. HO 63037 .2«30

r Mr. Hotsttooi

.h far tfarloof

Sincerely.

Jerocw Id»e**h
Aeeeciace Editor
The Klplln»er Utter

Both the Editor and I reported instances where U.S. currency
was rejected in payments although the notes were "legal len-
der." We asked a leading business publication how this could
be so and received this answer.

The Society hosted a very successful meeting in con-
junction with the Central States show' in Milwaukee this
May. Wendell Wolka presented a very informative talk
on how he researched his Ohio obsolete banknotes and
scrip book. This should be in the hands of those who
ordered it by now. For those w'ho did not, all is not lost as
a few copies are still available thru the author.

By the time you read this message, 2004 Alemphis
will be history. If you failed to find anything on the
bourse floor or in the Knight or Smy'the sales don’t give
up as dynamite sales are in the future. Best wishes, ❖

Ron

$ money mart

/VI/Vi/J A/0:V£)'will '.iccept classified advertising nn a basis of I Sc per word
(tiiininiiini charge of S3. 75). .Ad must be non-commercial in nature.

W'ord count: Name and address count as five words. .All other words and
abbreviations, figure combinations and initials count as separate words. No
check copies. 10% discount for four or more insertions of the same copy.

Authors are also offered a free three-line classified ad in recognition of
their contribution to the Sociew. These ads are denoted by (A) and are run on a
space available basis.

WANTED. National Bank Note from The Manilla National Bank
(#6041), Manilla, Iowa, any denomination or condition. Lee Poleske,
Bo.\ 871,. Seward, .AK 99664 (236)

KANSAS NATIONALS WANTED. Goodland #14163, Olathe
#3720, Pleasanton #8803. .A.R. Sundell, Box 1 192, Olathe. KS 66051

(236)

WANTED . S50 denomination. Bank of the Old Dominion. Branch
Bank at Pcarisburg, V.A (lones-Littlefield B.A30- or -27; Ilaxby G18a
or 181)) and Pearisburg, VA, Lybrook scrip (Jones-Littlefield PP1706
anil 1707). J. Tracy W’alker 111, 2865 Mt. Aire Rock Ln.,
Gharlottesville, V'.A 22901 (235)

VIRGINIA WANTED. Exchange Bank of Virginia issued by
Abingdon Branch anti Washington County notes. .Also, oltl postcards
depicting named and known Indians. Tom .Merrihue, PC) Box 25,
Emory, VA 24327 or 276-944-3581 (232)

MARYLAND OBSOLETE BANKNOTES WANTED. Charles
Sullivan, PO Box 8442, Gaithersburg, AID 20898 or e-mail
Charlessul@aol.com or phone 888-246-8040 (234)

WANTED; $2 OBSOLETE NOTES FROM NEW YORK (1782-
1866 Ilaxby). I am an intermediate collector looking to acquire addi-
tional notes for my collection. Joseph .M. DeMeo, PO Box 987,
Valley Forge, P.A 19482.orjmdemeo@yahoo.com (232)

BANK HISTORIES WANTED. Collector seeking published histo-
ries of banks which issued Obsoletes and/or Nationals. .Also seeking
countj'/state/regional banking histories. Bob Cochran, PO Box 1085,
Florissant, MO 63031 e-mail: spmclm69@cs.com (234)

LINCOLN NATIONAL BA.WK. Collector desires notes, photos,
postc-ards, checks, memorabilia, metal coin banks, banking histories,
publications, or what have you? from Lincoln National Banks or
Lincoln State Banks or insurance companies, or other corporations
named for Abraham Lincoln for use in forthcoming book. Please
contact Fred Reed at P.O. Box 1 18162, Carrollton, TX 75051-8162
or freed3@ainnail.net for immediate purchase (234)

WANTED. Canadian Chanered Bank Notes. Wendell VV'olka, PO
Box 1211, Greenwood, Indiana -46142 (234)

WANTED KANSAS. Obsoletes — Checks — Drafts. S. WTiitfield,
879 Stillwater Cr, Weston, FL 33327 (234)

SOUTH BEND, INDIANA. Obsolete paper money from South
Bend or St. Joseph County wanted. Bob Schreiner, POB 2331 Chapel
Hill, NC 27515-233 I; email: rcschreiner@mindspring.com (234)

20th CENTURY U.S., articles relating to modem small size LkS. cur-
rency are especially needed for publication in Paper .Money. If you col-
lect this material, tr)’ your hand at authoring an article too! (PM)

AUTHORS RECEIIT FREE CLASSIFIED AD. Authors of arti-
cles in Paper .Money can request a free 3-line ad. WOW! (PM)

EXP AND YOUR COLI^CTION. Classified ad rates are low, low,
low in Paper Money's “Money iVIart.” These small ads really get
results — why else would longtime collectors advertise year-in and
year-out in this space. Send ad copy and check payable to SPMC to
the Editor, PO Box 793941, Dallas. Texas 75379-3941 (PM)

J L

PAPER MONEY • )uly/August 2004 • Whole No. 232

315

Announcing Paper Money's
Upcoming Specialty Publishing Program

September/October 1st Small Size U.S. Currency Issue
January/February 2nd Civil War/Confederate Issue
May/June 4th U.S. National Bank Note Issue

SPMC's special 80-page theme issues of its award-winning journal
Paper Money have become the "hot ticket" in the hobby

Reserve your advertising space in these theme issues now

Full Page rate $300 (a 20% discount !!!)* Half Page rate $1 75
Quarter Page rate $1 00 Contact Editor NOW

* Regular single insertion full page rate is $360

Deadlines are July 15th (Small Size U.S. Ads) & Nov. 15th (Civil War ads) respectively

WANT ADS WORK FOR YOU

SPMC Founding Fathers were a smart breed. They knew Collector-to-Collector
Want ads work. That's why they created "Money Mart" so they could place
THEIR WANT LISTS before the rest of the members of our Society
Up to 20 words plus your address in SIX BIG ISSUES only $20.50/year!!!! *

* Additional charges apply for longer ads; see rates on page opposite -- Send payment with ad

SPMC's Founding Fathers built some great paper money collections that way
Now YOU be a smart guy/gal too. Put out your want list in "Money Mart"
and see what great notes become part of your collecting future, too.

(Please Print)

ONLY $20.50 / YEAR !_!_!_ (w_ow )_ _ _ j

J L

316

July/August 2004 • Whole No. 232 • PAPER MONEY

SPMC NEW MEMBERS - 05/02/2004

10741 Dominick Uli, PO Bo.x 111, Slagle, LA 7 1475 (C, US
& Louisiana Obsoletes), 3\^ebsite

10742 Rudy Linder (C), Don C. Kelly

10743 Harcourt Fuller (C & D), Website

10744 Larry Beckwith (C) Website

10745 Martin J. Lann, 1545 Plasentia Ave, Coral Gables, FL
33134 (C), Website

1 0746 Donald M. Karp (C), Bob Cochran

10747 Carlton F. Loucks (C), Richard Hegel

10748 John L. Nmson, PO Bo.x 170, Blanchard, P.'K 16826
(C, .-Ml), Website

10749 Ted Geller (C), Website

10750 Bruce VV^ Smith, PO Box 941, Sheboygan, WI 53082
(C, Missouri Obsoletes, Nationals and Checks), Bob
Cochran

10751 Arthur Broniszewski, PO Box 589, Enosburg Falls,
\T 05450-0589 (C), Tom Denly

10752 Thomas M. Sisk, 12680 Briarwood Dr, Foley, AL
36535 (C, WV, .AL & FL 1929 Nationals), Website

North Carolinians hear about SPMC

By Paul Homer

Thanks, Judith, so much for sending the paper
money booklets and magazines to the Yadkinville
Library! I made a short SPMC pitch, and gave out two
applications to interested people who might sign up.
Several more got copies of the magazines and booklets.
I have a few copies of Paper Money left. The little books
were snapped up quickly after our presentation.

NCNA VP Greg Cheek made a 15-minute power
point presentation on the three Southern Mints, and I
did one on the various Confederate Half Dollars (in only
12 minutes!). The "theme" was a Confederate
Currency appraisal fair. Some members of his Civil
War re-enactors did a "Civil War Payday" skit where
they got paid $11 in NC currency; in uniform with
rifles.

He and I had a nice display of appropriate coins and
currency: NC Treasury Notes, a denomination run of
NC bank notes $1 - $100, some coimterfeits, coins from
each of the Southern Mints, plus Charlotte Mint post-
card, bullion deposit reciept, medal. Then there were
the CSA halves, an 1861-0 late die state CSA struck,
Scott Token, and Scott Restrike + a Bashler 2nd restrike
CSA cent. There were about 80+ people there. I think
things went well and were well received. Nice event.
(Homer sent this to events coordinator Judith Murphy)

10753 Sam Shaw, PO Box 1 103, Savannah, TN 38372-4103
(C, Obsoletes, Vignettes, Topical, Stocks), Website

10754 Robert Howard, 2514 N. Larchmont Ave, Santa .Ana,
CA 92706-2019 (C, Nationals and Small Size), Tom
Denly

10755 Dougjordan (C), Tom Denly

10756 Mack Martin, 63 Lake Pointe Lane, Hartwell, GA
30643 (C, Georgia), \\'ebsite

10757 Melanie Roberson (C), Bryn Korn

10758 Chris Posluszny (C), Tom Denly

10759 Lou Sabia, 2845 Hood St, Dallas, TX 75219-4818 (C),
.Andrew Korn

10760 Mark S. Lambert (C), Website

10761 Richard Shirkey (C), Website

10762 Timothy J. Berglund, 12309 Tanager Lane NAV Apt
203, Silverdale, WA 98383-7625 (C, US Large, Star
Notes), W ebsite

10763 Philip .A. Maria (C), Website

10764 James I. Dunne, 7 Coomes St, Norwich, NA' 13815
(C, New York Nationals), .Allen .Mincho

10765 Dan Sheehy (C), Tom Denly

LIFE ME.MBERSHIP

LM349 Robert J. Payne, 1203 Florida, Port Huron, MI
48060 (C, US Large), Gene Hessler

r— -----------------

I Advertise Your Wants in >

, Paper Money's "Money Mart" i

> Your direct link to hundreds of collectors '
I and dealers who have what you collect |

Nobody pays more than Huntoon for

ARIZONA & WYOMING

state and territorial Nationals

, . 0) ./-LJiAr P ^

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Peter Huntoon

RO. Box 60850
Boulder City, NV 89006
702-294-4143

PAPER MONEY • July/August 2004 • Whole No. 232

317

INSURANCE

For The Paper
Money Collector

Your homeowners insurance is rarely enough to cover your
collectibles. We have provided economical, dependable
collectibles insurance since 1966.

• Sample collector rates: S3,(XK) for S14, SIO.OfK) for S38. S25,(K)() for 595, S50.(K)() for Sl9(), SlOO.fXXI for S278. S2(M).(HK) for
S4 1 8. Above $200.(X)0. rate is S 1 .40 per S 1 .(KX).

• Our Insurance carrier is .AM Best's rated .A r (Superior).

• We Insure paper money, paper ephemera, manuscripts, hooks, autographs and scores of other collectibles. “One-stop" service
for practically everything you collect.

• Replacement value. We use expcrt.'profcssional help valuing collectible losses. Consumer friendly service: Our office handles your
loss — ^you won't deal with a big insurer who doesn't know collectibles.

• Detailed inventory and.'or professional appraisal not required. Collectors list items over S5.(XM). dealers no listing required.

• See our website (or call. fax. e-mail us) for full information, including standard exclusions.

^ _ . See the online

Collectibles Insurance Agency application and

P.O. Box 1200-PM • Westminster MD 21 158 hhb rate quote forms

E-Mail; info(a)insurecollectibles.com on our website

Call Toll Free:1-888-837-9537 • Fax: (410) 876-9233

More Info? Need A Rate Quote?

Visit: www.collectinsure.com

U.S. CURRENCY

Is Buying >

^ Everything ^

“Still Paying Top Dollar for Rare Confederate

U.S. Type, Obsoletes,
Nationals, and
of course, Santa Notes

404 - 229-7184

U.S. CURRENCY |

Box 631250. Irving. TX 75063 ^ %

Kent Robertson, owner lAlfei

Buying & Selling

Quality Collector Currency

• Colonial & Continental Currency

• Fractional Currency

• Confederate & Southern States Currency

• Confederate Bonds

• Large Size & Small Size Currency

Always BUYING All of the Above
Call or Ship for Best Offer

Free Pricelist Available Upon Request

James Palis

4501 Connecticut Avenue NW Suite 306
Washington, DC 20008
(202) 363-6650
Fox; (202)363-4712
E-mail: Jpolis7935@aol.com
Member: SPMC, FCCB, ANA

318

July/August 2004 • Whole No. 232 • PAPER MONEY

Lost Information

I NFORM.ATION TELAT EXISTS BUT J'H.AT YOU
don’t know about or can’t find might as well not exist at all.
Self-publishing, whether it is a book, CD, web, or something
else, is a great way to contribute your research to our hobby. But
how do you insure that the information can be found by others?

Librarians catalog and index books and other “information
products’’ such as CDs and other electronic media. Publishers
make sure that infonnation about their new books is made knowm
to the library catalogers as well as the public who might buy the
books. The librart’ catalogs are the primary tools we have for
locating information that is in books, other printed media, and
also and increasingly electronic media. Eveiy library has a cata-
log of its own holdings, and that’s fine if we are only interested in
checking a book out from the local library'. But how do we find
out what e.xists out there? One way is to use catalogs from really
huge collections, such as the Library of Congress. .Another is to
use a “union catalog’’— a catalog that combines the holdings of
many libraries.

One such catalog is W’orldCat, a union catalog maintained
by OCLC (Online Computer Library Center, Inc.), a library cat-

SPMG Librarian^ Noto
By Bob Schreiner, Librarian

The Care and Feeding of Numis Orgs

T he b.asics, the three rs: (readin’, ritin’,

and ’Rithmetic) of organizations such as our Society of
Paper Money Collectors are Recruitment/
Recognition/Retention — and your Board has recognized
that in addition to great products such as Paper Money, supe-
rior service is necessary too. This revelation has led to a
reappraisal of the Society'’s moribund awards and incentives
program — so we’re rolling out (see President Ron
Horstman’s column) a number of initiatives to improve our
service across the spectrum. While most are still being
worked out behind the scene at the moment expect to hear
about these new programs in the near fumre in these pages.
Our recent election featured five “new faces” who

aloging service. Its records’ scope is impressive; It has
52,000,000 records added since 1971, covering 400 languages, for
materials dating from lOOOBC. It has entries for books, manu-
scripts, w'ebsites and internet resources, maps, computer pro-
grams, musical scores, films and slides, newspapers, journals and
magazines, sound recordings, and videotapes. You may have to
go to your local library to access EV’orldCat, since it’s not a free
service. Self-publishers should consider submitting their publica-
tion to OCLC. See web www.oclc.org for more information.

Self-publishers may wish to obtain an ISBN number. The
International Standard Book Number is a 10-digit number that
uniquely identifies books and book-like products published inter-
nationally. .After y'ou obtain an ISBN number and register it and
your book (or CD, etc), the book w ill be listed in Books in Print
and other standard commercial catalogs. See web www.isbn.org
for more information.

.Another way to insure that your publication is discoverable
and available to numismatic researchers is to send a copy to the
library at the .American Numismatic .Association. Their catalog is
freely available to all via the web, and holdings are available to
borrow (or, for articles in journals, to request a copy) to mem-
bers.

Thanks to members Karl Kabelac, a librarian and PM
autltor, and Mike McNeil, author of the recently self-published—
with ISBN— The Signers of Confederate Treasniy Notes IS61-'6S
for contributing ideas for this column.

New books include Banks and Politics in America fi-ovt the
Revolution to the Civil War, Bray Hammond; United States Paper
Money Errors: A Cotnprehensive Catalog ir Price Guide (2nd etl.),
Frederick J. Bart; Confederate CuiTency and Bonds— Quotes, Pierre
Fricke; and A History of Money and Banking in the United States:
The Colonial Era to World War II, .Murray N. Rothbard.

Our librar)' catalog is on the web at wv^-w . spmc.org. I wel-
come your thoughts on library’, web, and related areas. 1 can be
reached at POB 2331, Chapel’ Hill, NC 27515-2331, or email to
rcschreiner@mindspring.com.

stepped forward to serve — but one needn’t be on the board
to be of great assistance. All the new programs need work-
ers, and SPMC outreaches at shows around the country beg
for a friendly face to meet and greet, and sign up new' mem-
bers. How about you? Contact Judith Murphy (her address
is on page 244), she’d love to put you to work. Don’t worry’
the work is light and the rewards (as they say) priceless.

Here’s another way YOU all can help

SPMC 6000: Re-building a great Society for a new cen-
tury C™)) our strategy to improve member services and
increase the membership rolls, is at work on various levels.
Mere’s one that direedy affects all of you and you can easily help us
improve. On .April 22nd of this year I received myJ.AN/FEB special
issue on obsolete currency — more than three months after it was
mailed second class at Dover, DE — only 1400 miles away!

Second Class (Periodical Rate) shouldn’t mean SECOND
RATE. I addressed this matter to the local PO honcho, who said my
issue probably got stuck at the bottom of a mail sack that was pre-
sumed empty' and had spent the last 90 days or so near the bottom of
a pile of mail sacks at some place along the route from Delaware to
Oklahoma. When the sack once became “in play” (his words) again
it moved along normally with the subsequent mail.

It’s die same answ'er a postal employee gave me a couple years
back when it took four years for a small mailing tube to reach me on
an internet purchase that I had long since forgotten. One wonders if
that is a point the USPS teaches its employees in training, or if its
part of their union’s spiel for efficiency’s sake.

At any rate we know that magazines travel at different rates to
various points across the country. Distance, location, and (seeming-
ly) dumb luck all play a part in this equation. If a bunch of you e-
mailed me a brief note with your city and state and the date your
copy arrived for the remainder of this year, we might get a handle on
any repetitive botdc necks or problems. Renewal envelopes will be
in the next issue (Sept/Oct) and prompt delivery of that issue is a
very sensitive matter to all of us. It’s hard to ‘grow” members when
we lose members due to mailing difficulties. ❖

PAPER MONEY • July/August 2004 • Whole No. 232

319

Death claims author

M artha schingoethe, wife of spmc

member Herb Schingoethe, and co-author of a catalog
on college currency passed away in February. She was 84.
The couple were a fixture at paper money shows and auctions.
“Martha and her husband Herb were a collecting team that
was well known in the paper money field,” friends John and
Kanc)' Wilson remarked.

“The Schingoethe's are considered two of the greatest
paper money collectors of all time. Part of that great team has
now left us. We will miss .Martha's smile, love of the hobby
and collecting,” the Wilsons continued.

In addition to their paper money pursuits, the
Schingoethe’s generously established the Center for Native
•American Cultures at .Aurora (IL) University. ❖

HARRY
IS BUYING

NATIONALS —

LARGE
AND SMALL
UNCUT SHEETS
TYPE NOTES

UNUSUAL SERIAL NUMBERS

OBSOLETES

ERRORS

PROOF FEDERAL NOTES

HARRY E. JONES

PO Box 30369
Cleveland, Ohio 44130
1-440-234-3330

WANTED!

Information on W.L. Ormsby and the New York Bank Note
Company circa the 1 840s-l 860s, personal information about
Ormsby, examples of his paper money (will buy the bills or would
be delighted to correspond and receive copies, and anylhing else).

I am planning to do a monograph on Ormsby.

Dave Bowers

P.O. Box 539 Wolfeboro Falls, NH 03896
Qdba rchi ve@ metrocast. net

Always Wanted

.Monmouth County, New Jersey
Obsoletes - Nationals - Scrip
Histories and Memorabilia

Al/enhiirst - Allentoirn - Ashiiry Park - Atlantic Highlands - Beintar
Bradley Beach - Eatontoivn - Englishtotvn - Freehold - Htrccell
Keanshnrg - Keyport - Long Branch - Manasqiian - Matatvan
,1 liddletown - Ocean Grove - Red Bank - Sea Bright - Spring Lake

N.B. Buckman

P.O. Box 608, Ocean Grove, NJ 07756
800-533-6163 Fax: 732-282-2525

NBUCICMAN@OPTONLINE.NET

PLAN AHEA"

The next three special topical issues are on
Small Size U.S. Currency, Confederate Currency
and National Bank Notes. If you BUY or SELL
these notes (and who doesn't?)
you'll want a special ad in those issues.
Contact the Editor NOW (fred@spmc.org)

AD INDEX

AMERICAN NUMISMATIC RARITIES 261

BART, FREDERICK J 309

BENICE, RON 253

BOMBARA. CARL 311

BOWERS & MERENA GALLERIES IBC

BOWERS, Q. DAVID 263

BOWERS, Q. DAVID 319

BUCKMAN, N.B 319

COHEN. BERTRAM 311

COLLECTIBLES INSURANCE AGENCY 317

CURRENCY AUCTIONS OF AMERICA OBC

DENLY’S OF BOSTON 253

EARLY AMERICAN NUMISMATICS 299

FRICKE, PIERRE 311

HOLLANDER, DAVID 253

HORWEDEL, LOWELL C 299

HUNTOON, PETER 316

JONES, HARRY 319

KAGIN, A.M 305

KAGIN’S 299

KNIGHT, LYN 303

KYZIVAT, TIM 309

LITT, WILLIAM 311

LITTLETON COIN CO 320

NUMISMANIA RARE COINS 259

PCDA 242

POLIS. JAMES 317

POMEX. STEVE 311

ROB’S COINS & CURRENCY 307

ROBERTSON, KENT 317

SCOTSMAN AUCTION COMPANY 257

SHULL, HUGH 244

SMYTHE, R.M IFC

SMYTHE. R.M 287

YOUNGERMAN, WILLIAM, INC 307

320

luly/August 2004 • Whole No. 232 • PAPER MONEY

David Sundi^ian, President

ANA Life Member It4463;

PNC #5/0; Society of Paper Money
Collectors LM# 163; Member.

Last Year Alone,,.

Littleton Spent More Than
$14 Million on U.S. Coins
& Paper Money!

We can afford to pay highly competitive buy
prices because we retail all the notes we buy.

Over 150,000+ Littleton Customers
Want Your Notes!

Professional Currency Dealers Association

Wide Range of U.S. Notes Wanted!

• Single notes to entire collections

• Early large-size notes to high denomination small-size notes

• All types including Legal Tender Notes. Silver &

Gold Certificates and more

• Very Good to Gem

Why You Should Consider Selling to Littleton

• We buy for our retail customers - so we can pay more

• Fair appraisals and offers

• Fast confirmation and settlement

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• Over 56 years experience buying and selling coins
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Contact US:

Buyer Phone: (603) 444-1020
Toll Free: (800) 581-2646
Fax: (603) 444-3501 or
Toll-Free Fax: (877) 850-3540

Facts D97
CoinNet NH07
coinbuy@littletoncoin.com
Dun & Bradstreet #01-892-9653

C ■ 1.

'[^YES!

I'm interested in selling paper money to Littleton. Please contact me regarding my
collection or holdings.

Fill out this coupon and
Fax Toll Free to
(877) 850-3540,
or Mail to:

Littleton

Coin Compan y

Dept. BYASOS
1 309 Mt. Eustis Road

Littleton, N.H. 03561-3735
coinbuy@llttletoncoin.com

Name

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Daytime Phone
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We offer you the incomparable and very
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Just contact Mark Borckardt, our auction
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/cm

Buy Online, Bid Online, Books Online! www.bowersandmerena.com

j:

Bowers and Merena Galleries

— IVhettj^at collections air sold... Baum and Merena sells them!

A Diviftioa of Collectors Universe NASDAQ: CLCT

1 Sanctuary Blvd., Suite 201, Mandeville, LA 70471 • 800-458-4646 985-626-1210 Fax 985-626-8672
info@bowersandmerena.com • www.bowersandmerena.com

when the time to sell comes,

Pen

nether you are selling extras from your
collections, or a complete collection built over
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Heritage-Currency Auctions of America is part of
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With Heritage-Currency Auctions of America,
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2004
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